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Buying Cars / Housing Assignment
In order to receive full points for #1 (for each year listed in cars), and letters “a” “b” (for each mortgage term) and for #2 (savings calculation), students need to screen shot a photo (copy) with all the information input and the results in their word document or pdf document as instructed in order to receive full credit.
(30 Total Points)
Cars
1. Use the calculator Auto Loan Interest Calculator: Monthly Payment & Total Cost”Links to an external site., then click on it for it to take you to the “Auto loan calculator” to input the information as instructed in parentheses (input 15% sales tax and $1,500.00 for Dealer/Title/Registration Fees). Input your information, if you do not have a down payment enter zero if you want to put a down payment enter the dollar amount and use the same logic for trade in value; zero if no trade in and if you have a trade in list the dollar amount the vehicle is worth market value. Submit the loan information and the results. Observe what is happening from year to year. Write a brief summary explaining your observations if you finance an automobile at 15% for each year listed below: (9 points) **Please click on the submit button at the bottom to get the results and submit the entire page with results**
a) Three years
b) Four years
c) Five years
2. Based on the results you received for a three-year loan, using the internet, find a car that match your results (budget) and explain (in a paragraph) why you selected that particular vehicle. Remember to use your knowledge from reading the textbook with answering the questions. (6 points)
Housing
1. Use website https://www.bankrate.com/real-estate/new-house-calculator/ Links to an external site.(Link is to an external site.) to calculate a house you would be able to afford based on your annual earnings when you graduate. To determine if you can afford the home, Use the monthly income that you would be earning as a college graduate with your major (go to https://www.indeed.comLinks to an external site. (Links to an external site.) (enter the job of your desire and the city and state you want to work in and the information will populate with salary range for your degree (Bachelor)) to determine your annual gross salary. If the salary is provided in a monthly amount; multiply by 12 to get the annual gross salary.
Enter in the appropriate fields your annual gross salary, current amount you have in monthly debt (example credit cards payments) and $15,000 for down payment, interest rate, and loan term (listed below), and input zero in the field for current debt if you do not have any current debt.
a) Calculate the numbers you get for a 7%, 15-year mortgage. (3 points)
b) Calculate the numbers you get for a 5.%, 30-year mortgage. (3 points)
**After selecting the 15 & 30 year term, copy all the information entered in the system and the recommended budget results in a screen shot in your word or pdf document **
c) 1) If you have five years to save $15,000 for down payment for your future house, what specific saving steps could you take to save the amount? Please be detailed and consult your textbook. List a minimum of 5 steps to receive full credit. (5 points)
2) Calculate how much you would have to save each month for five years to meet your down payment goal of $15,000, assuming your bank offers you 1.5% APR on deposits. (External Link) Click https://www.bankrate.com/banking/savings/simple-savings-calculator/.Links to an external site. Print screen (copy) in your word or pdf document with your information entered and results. (4 points)
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