5. Research the mortgage rates on https://www.ratehub.ca/best- KZ CULMINATING ACTIVITY (10% of the course mark) mortgage-rates. Find a 3-year variable rate and 5-year variable rate. Last Name, First Name(s) 6. Calculate the amount of the mortgage if A2 a) you can pay 10% of the selling price or Categories Marks Assigned Marks Received b) you can pay 5%% of the selling price or Knowledge and Understanding 17 Application For the property indicated in Step 4, calculate the monthly Thinking mortgage payment using different scenarios below. Remember to Communication convert the annual interest rate to the effective interest rate. Using the 3-year variable rate & a 5%% down payment for a 25- A3 For this project, you may work alone amortization period Using the 3year variable rate & a 10% down payment for a 43 This project will involve financial planning and purchasing a house or a condo. Imagine yourself after 25-amortization period 43 you have completed your studies and now you have a steady income from your job. You feel ready to Using the 3-year variable rate & a 5% down payment for a 30- settle down and buy a house or a conde either by yourself or with your partner. Follow the amortization period instructions below and complete each task. Using the 3-year variable rate & a 10% down payment for a A3 of in any Canadian province or Territory 30-amortization period Task Marks Assigned Show all your calculations, You may calculate manually or use a 1. Choose a neighbourhood in the Toronto area in which you would C3 like to live, Give three reasons why you chose this neighbourhood spreadsheet. 2. Go to https://www.realtor.ca/ and search for a house or a condo 8. Create a monthly budget. You may create one yourself or in your neighbourhood. download my spreadsheet, "Budget Spreadsheet. xisx". You must You should put in the parameters such as the number of include the formulas to show your calculations bedroom and the upper limit of the price to narrow down your Think of a career that you are working towards. Find the search. average annual starting salary of this profession in Ontario. Choose 3 properties of your top choice. Then, describe and Estimate your monthly salary (and your partner's if working in compare them including Price a group) at this point of your life. Calculate your monthly Property tax (If this information is not available, use income based on this salary. Assume 30% deductions from http://wx.toronto.co/inter/fin/tax.nef/tax?openform to your paycheque for taxes, EI premiums, etc. Show your calculate.) calculations. Location (the address and the major intersection) There should be a minimum of 5 fixed expenses that would be T5 Number of bedrooms incurred based on your situation. This should include the Number of bathrooms amount of mortgage and the property tax. Number of floors and basement There should be a minimum of 10 variable expenses that would T10 - Special features be incurred based on your situation. Amenities Parking space(s) Consider the cost of owning a house/condo, a car, and other Garage if any expenses for the stage of your life after your studies. Maintenance fee if applicable Consider future planning such as taking a vacation, having a - Nearby schools family, moving to a bigger house, saving for your retirement - Nearby parks and community centres etc. Include at least 3 pictures of each property You should type all your work. For any calculations, you may write 3. Find the average price of the three properties. it down on a piece of paper or use Excel with formulas to 4. Indicate one of the three properties that you would like to calculate. If you are using Excel, don't forget to drop it off on purchase. List three reasons of your choice. d21. MAP4C-Culminating Activity