PBworks



Math 10: The Reality Project

It is the year 2020. You are ready to begin your life without being supported by your parents. Reality requires you to complete a series of tasks in order to be an independent adult.

Task 1: Find a Job

Using a website such as or jobbank.gc.ca or the classifieds in the newspaper, recreate the following chart and fill in the information. You must print out or attach copies of the actual job advertisement! Note: Wherever you accept a position, the rest of your tasks will depend on that location. Show your calculations.

|Dream Job |Annual Pay |Monthly Pay |Weekly Pay |

| |(Gross and Net) |(Gross and Net) |(Gross and Net) |

| | | | |

Task 2: Buying a Home

You would like to buy a home. Your task is to select a house that you would like to buy. Choose 1 from the 5 posted in class. Record the MLS# and print off the ad at home. This house could be a dream house or a house that you see yourself buying in a few years.

Calculating your mortgage payments: (using 2 different payment periods)

• Go to

• Using the Mortgage calculator, input the price of your house

1. What is your mortgage payment for:

• fixed rate of 5.19%, interest term 5 years, monthly payments for 25 years? Bi weekly payments for 25 years?

2. Which payment option is best?

3. In order to qualify for a mortgage, you must have a 5% down payment of the purchase price. How much money would you need for a down payment?

Task 3: Buying a vehicle

• Use one of the following websites to build and price a vehicle:

• Toyota:

• Kia:

• Chevrolet:

• Mercedes:

• Record the name of your vehicle and print a description page

• Record the monthly leasing cost AND the monthly financing cost

• Indicate which option you are choosing and also what the term of your lease or financing option is (how many months you will be making payments for)

Task 4—Create a Budget

Complete a monthly BALANCED budget, based on your income from Task 1, using the Budgeting Sheet provided.

Consider the following points:

• If you dream home from Task 2 blows the housing budget (Way more than 35% of net income), you are going to have to decide if you buy a cheaper home for now or will you rent? If you are going to rent, will you be saving for a down payment?

• Does your vehicle from Task 3 fit into your budget? If it doesn’t, what will you do for transportation?

• You have $15000 in student loan debt from attending university/college. The simple interest rate is 6%. You will take 10 years to pay back this loan. What will your monthly payments be?

Show your calculations.

Task 5—Poster with a summary reflection

The poster must have information from all 4 tasks. Each section for each task needs to have print outs and calculations shown. There should be a fifth section for your reflection.

In your reflection, you must discuss:

▪ Were you able to get all of your wants with each of the budget?

▪ Would you be able to purchase a home directly after graduating from college/university?

▪ What items did you have to give up in order to pay all of your bills? Or did you?

▪ What items on the above list can be sacrificed for a while, in order to save more money now?

▪ What did you learn from this activity?

Due Date: Oct. 20, 2011

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download