Feb 27th
Warm Up: What are two things you have learned so far in this class that you think will be helpful when you are in College? Jeopardy as a study guide for the test on Tuesday Study Guide Feb 28th- SNOW DAY! Marc 1st-No class Mar 2nd Warm Up: What is the best advice someone has given to you? Test! March 3rd Warm Up: What is the coolest thing you think you will do by the time you are 25? A goal you expect to accomplish or a bucket list item completed. Mortgage Worksheet- Info below is the same How Much House Can You Afford? calculator Pros/Cons and a current interest rate for the following types of mortgages: Conventional-30 year Conventional-15 year FHA Loans VA Loans ARM-5 year Jumbo loan-What is it? What are the loan options for putting less than 20% down? Part B- Use the Bankrate.com “How much House can you Afford” calculator to help you answer the following questions. Use $800 each for homeowners insurance and real estate taxes. Every field must be filled in. 1) Your salary is $75,000 (take home) a year or $6,250 a month. You have saved $100,000 through diligent monthly savings. You are 30 years old and single. Your total monthly expenses are $3,275, which includes a car payment for $300 and monthly rent of $1,250. How much house can you afford? Which loan will you choose for them? What is the interest rate? How much will the monthly payment be? 2) Your salary is $46,000 (take home) a year or $3,833 a month. You have saved $22,000 though diligent savings. Your total monthly expenses are $2,000, which includes a credit card payment of $90 and monthly rent of $1,250. How much house can you afford? Which loan will you choose for them? What is the interest rate? How much will the monthly payment be?
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