Weebly
Imagine that you would like to purchase a $275,000 home. Using 20% as a down payment, determine the monthly mortgage payment for your dream home using the loan terms below:15 – year mortgage term with a 3% interest rate:Minimum Monthly Payment: _____________________Total amount paid over loan term: _________________ 20 year mortgage term with a 6% interest rate:Minimum Monthly Payment: ___________________Total amount paid over loan term: _________________Which mortgage would you choose and why???_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________You find a house that’s smaller than you want, but it’s in a good neighborhood. It’s pretty old and there’s lots of repair work needed. The house is $120,000 and you’ll put 20% down. The bank offers a 7% interest rate for a 15- year mortgage and you currently make $2,000 per month, with monthly expenses averaging $1,000. The repair work cost $10,000.Do you buy it or pass? Why?________________________________________________________________________________________________________________________________________________________________ You’ve always wanted to own a condo in the city and finally found one that matches your budget. You have a 720 credit score and will put 20% down on the $450,000 home price. The bank offers a 4% interest rate on a 15-year mortgage. You make $10,000 a month.Do you buy it or pass? Why?____________________________________________________________________________________________________________________________________________________________________Now, we are going to create an Amortization schedule for one of the choices on the first page. Choose from the scenarios offered in class to find a price of a home to amortize for this procedure. You will need to get a computer and log on. We will use an excel spreadsheet for this procedure. I will walk you through the steps. Take down good notes here!!!Weebly assignment: Due 9/17 – ThursdayChoose a scenario – Each scenario will contain gross annual pay, credit score, debt analysisOnce all that has been analyzed – you will choose a home. Record the asking price, down payment, and an estimate on closing cost. Choose a bank and record the rate you will use for the amortization.Amortization in excel.You will turn in all of the above in a report form. ................
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