Loan Amortization Scenario Choose the scenario that interests you the most. Everyone is in a different financial situation. Of course, you do not have to share your personal financial position; you are welcome to "invent" the starting figures. Also, if you are at the point in your life where you are ready to make these types of purchases, then envision where you hope to be and also "invent" your starting figures. Buying a Home Buying a New/Used Car What is your monthly net income? How much "house" can you afford? The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. (Lesson 8) What is your monthly net income? Consider the type of car you wish to own and why that type of car would be Step 11 best for your needs. (Lesson 17) Step 1 Go to www. har.com, www.zillow.com, or other area real estate website and, based on your estimate of affordability, search for a home in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. How much "car" can you afford? The rule of thumb is to plan on spending 10% to 15% of your total monthly budget on all automotive expenses. This Includes gas, Insurance, regular maintenance. Calculate the amount that you Step 2 Step 2 Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? Go to www. Edmunds.com, www. Cars.com, or other website or classified ad and, based on your estimate of affordability, search for a car in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. Step 3 Step 3 Research loan offers and find the best mortgage rate for the down payment you can afford. Take a screenshot of that page and insert the image in your spreadsheet. Calculate the monthly mortgage payment and compare it to your monthly net income, if the monthly mortgage payment is too much of your monthly net income, you may want to search for a different home. Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? Research loan offers and find the best car loan rate. Take a screenshot of that page and insert the image in your spreadsheet. Sten 4 Step 4 . Using all of the information that you are researched complete an amortization table for your loan at the best morteage rate you found with your 2056 down payment Using all of the information that you have researched, complete an amortization table for your loan at the best interest loan rate you found. Step 5 Step 5 The spreadsheet with its calculations and answers to all of the questions, The spreadsheet with its calculations and answers to all of the questions. Submit Submit Loan Amortization Scenario Choose the scenario that interests you the most. Everyone is in a different financial situation. Of course, you do not have to share your personal financial position; you are welcome to "invent" the starting figures. Also, if you are at the point in your life where you are ready to make these types of purchases, then envision where you hope to be and also "invent" your starting figures. Buying a Home Buying a New/Used Car What is your monthly net income? How much "house" can you afford? The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. (Lesson 8) What is your monthly net income? Consider the type of car you wish to own and why that type of car would be Step 11 best for your needs. (Lesson 17) Step 1 Go to www. har.com, www.zillow.com, or other area real estate website and, based on your estimate of affordability, search for a home in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. How much "car" can you afford? The rule of thumb is to plan on spending 10% to 15% of your total monthly budget on all automotive expenses. This Includes gas, Insurance, regular maintenance. Calculate the amount that you Step 2 Step 2 Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? Go to www. Edmunds.com, www. Cars.com, or other website or classified ad and, based on your estimate of affordability, search for a car in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. Step 3 Step 3 Research loan offers and find the best mortgage rate for the down payment you can afford. Take a screenshot of that page and insert the image in your spreadsheet. Calculate the monthly mortgage payment and compare it to your monthly net income, if the monthly mortgage payment is too much of your monthly net income, you may want to search for a different home. Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? Research loan offers and find the best car loan rate. Take a screenshot of that page and insert the image in your spreadsheet. Sten 4 Step 4 . Using all of the information that you are researched complete an amortization table for your loan at the best morteage rate you found with your 2056 down payment Using all of the information that you have researched, complete an amortization table for your loan at the best interest loan rate you found. Step 5 Step 5 The spreadsheet with its calculations and answers to all of the questions, The spreadsheet with its calculations and answers to all of the questions. Submit Submit
