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Algebra 1

Project – Personal Finance Decisions

“A Dream House and a Dream Car”

Date of proposal: August 29, 2019

Due date: September 29, 2018

Dear students,

This project’s goal is to explore your horizons in personal finance world. Please, use all skills you have learned in Algebra 1 class in order to complete this project. Your goal is to choose your future house, your future car and your future profession. It can be realistic or imaginary assets. Please, let your creativity to shine. (

If you are not sure where to start, then ask your parents about your present house - why did they buy it, how much they pay for mortgage, utility, home insurance currently and all other expenses related to the house.

For your “Dream house”, please, make a table with summary of your calculations:

1) Please investigate an area where you plan to live (online resource):

- find taxes, insurance rates, cost of utilities.

- Home owner’s insurance:

or any other insurance agency.

- Mortgage calculator - , choose – Mortgage Loans, Purchase, 30-year fixed, enter your price for a house, credit score 740+ and a zip code, then calculate your rate and the amount of mortgage.

Please, summarize your numbers in a table.

2) Choose your dream car:

Calculate payments for your car:

- Choose a car – ,

- Calculate payments for a car loan, Auto loan calculator: , choose - Auto loans, Purchase, New, Term – 60 months, choose the lowest rate and calculate your monthly payment.

- Provide car insurance cost: , progressive. com, or any other car insurance agency.

3) Add together your annual payments for a house and a car, then calculate your future annual salary, so you can afford your dream house and a dream car. Your payments should be no more than 35% of your gross income or 25% of your take-home income (after all taxes and deductions).

Project length – 10-15 power point slides. Please, provide as many pictures as possible.

Presentation: 5-15 minutes, Power Point or a colorful poster.

Weight of the project: two grades – 1 test grade and 1 computer lab grade.

Have fun, choose wisely and be happy, healthy, wealthy and smart!

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