Part 1 of the Financial Planning involved compound interest and preparing for a disaster, but that furlough didn't happen! Now your family has a little money in savings. You also have a certificate of deposit (CD) which is maturing (you had forgotten about this when you planned for the furlough), so you are in good shape financially! With the job safe and the family now wanting a dog (everyone except the cat), you and your spouse decide it's time to take the big plunge and buy a house. Information - Because you saved the company, you got a raise and your take home pay is now $52,000 a year - Your expenses haven't changed from the last assignment - The money you have in savings is what you saved from the last assignment - Your CD is worth $14,396.24 - Your mortgage interest rate is 4.25% Buy a house! You will decide the down payment and all other aspects of home purchasing. Deliverables (Show all your calculations) A. Your monthly income (5 pts) B. How much you have for a down payment and how much you will put toward that payment (5 pts) C. The term of the loan is 30 years ( 5 pts) D. The costs above the principal and interest payment. (15 pts) A. property tax =$2500/ year B. homeowners insurance =$500/ year C. mortgage insurance =$100/ month E. What you can afford for a monthly payment and why you think this is reasonable (you need to account for all your extra costs and determine how much you want to spend each month. This will be based on your judgement, not the formulas.) (10 pts) F. How big a loan you can afford. Use the formula (see rubric) to find the loan amount with the monthly payment you can afford. (20 pts) G. How much you owe after 8 years of payments. Use t= remaining years of the loan, example t=22 for 30 year loan term. (20 pts) H. What your total monthly payment would be including property tax, homeowners insurance, and mortgage insurance (15 pts) I. What you learned about home buying (10 pts)