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Paying off a House Project 3 For this project, you will examine paying off a home mortgage Make sure you give the sources for all

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Paying off a House Project 3 For this project, you will examine paying off a home mortgage Make sure you give the sources for all of your information (so that I can find the information that you used), and completely support all your conclusions. Don't forget to include your calculations. In addition to your main document that explains your sources, assumptions, choices. and reasoning, you will need to attach one or more spreadsheet files with your amortization tables, so that I can see the formulas you used. Remember to use paragraphing, grammar, punctuation, proofreading, etc. Research a realistic possible career choice for you and your expected salary in that career 5 years from now. Calculate 25% of your monthly salary. Hint #1: If you plan to be say, an actuary, don't look for the average salary for actuaries, look for the starting salary for actuaries. Hint #2: Don't use marketing material to research salaries. Hint #3: If you're not taking pre-med classes, don't choose doctor. If you're not in the Air Force, don't choose astronaut. Hint#4: I'm not asking you to commit to a career, here. I'm asking you to try to make this as realistic as possible. Find an actual house that you would like to own and expect to be able to afford in a place you would want to live, and where you could work in the career you described in above Find a real 30-year fixed mortgage rate. Hint: Not a projected average rate from a real estate site, but an actual rate from an actual lender. Calculate the monthly payment. If your monthly mortgage payment will be more than 25% of your expected monthly salary (see part 1.a.), you need to find a different house. Create a spreadsheet with an amortization table for your mortgage Calculate the total paid for the house. Calculate how much of that total would be interest. Now, figure out how much you'd have to pay extra each month if you wanted to pay off the house 10 years early. How much less would you have to pay in total if you paid it off 10 years early? Paying off a House Project 3 For this project, you will examine paying off a home mortgage Make sure you give the sources for all of your information (so that I can find the information that you used), and completely support all your conclusions. Don't forget to include your calculations. In addition to your main document that explains your sources, assumptions, choices. and reasoning, you will need to attach one or more spreadsheet files with your amortization tables, so that I can see the formulas you used. Remember to use paragraphing, grammar, punctuation, proofreading, etc. Research a realistic possible career choice for you and your expected salary in that career 5 years from now. Calculate 25% of your monthly salary. Hint #1: If you plan to be say, an actuary, don't look for the average salary for actuaries, look for the starting salary for actuaries. Hint #2: Don't use marketing material to research salaries. Hint #3: If you're not taking pre-med classes, don't choose doctor. If you're not in the Air Force, don't choose astronaut. Hint#4: I'm not asking you to commit to a career, here. I'm asking you to try to make this as realistic as possible. Find an actual house that you would like to own and expect to be able to afford in a place you would want to live, and where you could work in the career you described in above Find a real 30-year fixed mortgage rate. Hint: Not a projected average rate from a real estate site, but an actual rate from an actual lender. Calculate the monthly payment. If your monthly mortgage payment will be more than 25% of your expected monthly salary (see part 1.a.), you need to find a different house. Create a spreadsheet with an amortization table for your mortgage Calculate the total paid for the house. Calculate how much of that total would be interest. Now, figure out how much you'd have to pay extra each month if you wanted to pay off the house 10 years early. How much less would you have to pay in total if you paid it off 10 years early

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