Name
Name _______________________________
Personal Finance WebQuest Worksheet
Step #1: Finding a House
1. What is the location of the house?
2. How much does it cost?
3. Which web site did you use?
4. Calculation for payment (write the monthly payment and then multiply by 12).
Cost of the property/house - $10,000 down payment: _____________
Use an 8% interest rate on the Loan Calculator. What is the monthly payment for:
15 year mortgage (180 months):
Monthly: __________
30 year mortgage (360 months):
Monthly: _______
5. What income would you need to afford the house? (Figure above divided by 28% ex. $875/.28) = amount you need to earn to afford to finance this house
15 year: ________________________
30 year: ________________________
Step #2: Finding a Car
1. What is the year, make, and model of vehicle?
2. How much does it cost?
3. Which web site did you use?
4. Calculation for payment (the monthly payment and then multiply by 12).
Cost of the car - $2,000 down payment: _____________
Monthly cost of a 3 year loan (36 month): ___________________________
Yearly cost (the monthly payment and then multiply by 12): ____________________
Monthly cost of a 5 year loan (54 months): ________________________
Yearly cost (the monthly payment and then multiply by 12): ____________________
5. What income would you need to afford the car? (Yearly Figure above and divide by 12%)
3 year loan income needed: ___________________________________
5 year loan income needed: ___________________________________
Step #3: Finding a Career
1. Which occupation did you choose?
2. How much will you make after 5 years? (not the entry level amount listed)
3. How much education will you need?
Step #4: Calculating Your Budget
Calculate your annual budget (how much money you will need each year to live). Multiply your salary by each of the percentages below (salary x 28%).
| |Salary (Part C #2) x percent. |
|Housing 28% | |
|Automobile 12% | |
|Utilities 5% | |
|Taxes 16% | |
|Food 18% | |
|Savings 5% | |
|Entertainment 5% | |
|Misc./Other 11% | |
Step #5: Conclusion
What surprised you most? Did you need to make any changes? Why? What was your favorite portion? What did you enjoy researching the most?
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