MATH 1122 Summer: Week 10 : Mortgages Many sites have such calculators where the user can enter all sorts of debt factors that might contribute to the financial considerations along with a mortgage. 1) Try putting in Susie and her significant others' information into the calculator in the link above. You can leave whatever values are "auto-filled" in the "New Home Info" section and make the all the "Monthly Expenses" section $0. a) You should not put "$103,500" into the wages section of the calculator. Why not? What value should you enter there? b) What does the calculator say for an "Available Mortgage Payment"? c) What % of the monthly income would this "Available Mortgage Payment" be? d) Try adding in values to the "Monthly Expenses" Section; maybe a car payment, or credit card payments, or maybe something in the "other debts" box (perhaps they have student loans). Keep all the other numbers the same. How does this change the "Available Mortgage Payment" amount? i. Record some entered values that does make the mortgage amount change. ii. Record some entered values that does not make the mortgage amount change. iii. Why do you think some changes affect the mortgage amount and others do not? MATH 1122 Summer: Week 10 : Mortgages Many sites have such calculators where the user can enter all sorts of debt factors that might contribute to the financial considerations along with a mortgage. 1) Try putting in Susie and her significant others' information into the calculator in the link above. You can leave whatever values are "auto-filled" in the "New Home Info" section and make the all the "Monthly Expenses" section $0. a) You should not put "$103,500" into the wages section of the calculator. Why not? What value should you enter there? b) What does the calculator say for an "Available Mortgage Payment"? c) What % of the monthly income would this "Available Mortgage Payment" be? d) Try adding in values to the "Monthly Expenses" Section; maybe a car payment, or credit card payments, or maybe something in the "other debts" box (perhaps they have student loans). Keep all the other numbers the same. How does this change the "Available Mortgage Payment" amount? i. Record some entered values that does make the mortgage amount change. ii. Record some entered values that does not make the mortgage amount change. iii. Why do you think some changes affect the mortgage amount and others do not