Assignment # 3 - Home Financing Project Objective The purpose of this assignment is to familiarize...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assignment # 3 - Home Financing Project Objective The purpose of this assignment is to familiarize students with the process of budgeting for the purchase and financing of a home, or other significant financed purchase, as well as building awareness of key factors not to be overlooked throughout this process. Overview This assignment is comprised of four parts: 1. Selecting a Property. this assignment requires you to select, and secure a copy of, a property listing which is representative of a real estate investment goal you may wish to pursue. 2. Saving for your Goal students must perform several calculations to first determine the total transaction costs that will be required in order to purchase the home they have selected, and then create a savings plan in order to have the funds to cover the transactions costs of purchasing the home according to the timeline they have set for themselves. Variations on these calculations will explore the effects of making financial planning adjustments. 3. Selecting a Mortgage: once the down payment has been accounted for, students must examine the mortgages (including interest rates and conditions) that are advertised and available through various financial institutions in order to finance the remaining cost of the home; select a mortgage and record the necessary data as indicated. Various financing options must be explored. 4. Mortgage Payment Calculations: finally, applying the relevant data points collected, and incorporating some additional considerations, students must calculate the corresponding monthly mortgage payments necessary to finance their home, by using an online mortgage calculator. Variations on these calculations will explore the effects of making financial planning adjustments. Please take note of following guidelines for the assignment: • This is an individual assignment. Assignments submitted which prove not to be unique will be considered in violation of the academic honesty policy. Table templates are provided for assignment completion. All assignment work must be submitted on Blackboard. ● Submission of documents must be made in PDF format Submissions may be either one complete document, or several documents attached separately. Timely submission and navigating Blackboard is considered part of the assignment. A grading rubric is found at the end of this document. . Σ . . . Assignment # 3 - Home Financing Project Objective The purpose of this assignment is to familiarize students with the process of budgeting for the purchase and financing of a home, or other significant financed purchase, as well as building awareness of key factors not to be overlooked throughout this process. Overview This assignment is comprised of four parts: 1. Selecting a Property. this assignment requires you to select, and secure a copy of, a property listing which is representative of a real estate investment goal you may wish to pursue. 2. Saving for your Goal students must perform several calculations to first determine the total transaction costs that will be required in order to purchase the home they have selected, and then create a savings plan in order to have the funds to cover the transactions costs of purchasing the home according to the timeline they have set for themselves. Variations on these calculations will explore the effects of making financial planning adjustments. 3. Selecting a Mortgage: once the down payment has been accounted for, students must examine the mortgages (including interest rates and conditions) that are advertised and available through various financial institutions in order to finance the remaining cost of the home; select a mortgage and record the necessary data as indicated. Various financing options must be explored. 4. Mortgage Payment Calculations: finally, applying the relevant data points collected, and incorporating some additional considerations, students must calculate the corresponding monthly mortgage payments necessary to finance their home, by using an online mortgage calculator. Variations on these calculations will explore the effects of making financial planning adjustments. Please take note of following guidelines for the assignment: • This is an individual assignment. Assignments submitted which prove not to be unique will be considered in violation of the academic honesty policy. Table templates are provided for assignment completion. All assignment work must be submitted on Blackboard. ● Submission of documents must be made in PDF format Submissions may be either one complete document, or several documents attached separately. Timely submission and navigating Blackboard is considered part of the assignment. A grading rubric is found at the end of this document. . Σ . . .
Expert Answer:
Answer rating: 100% (QA)
home finance project 1 i want to purchase the residential property in my neighborhood so that it sav... View the full answer
Related Book For
Data Modeling and Database Design
ISBN: 978-1285085258
2nd edition
Authors: Narayan S. Umanath, Richard W. Scammel
Posted Date:
Students also viewed these accounting questions
-
Project Instructions The purpose of this memo is to provide some additional clarity and expectations regarding the upcoming Bookkeeping Project. Background Paddleboard Adventures, Inc. is a local...
-
The purpose of this exercise is to provide practice using LINGO or Excel Solver. Find the values of X and Y that minimize the function Min X2 - 4X + Y2 + 8Y + 20 Do not assume non-negativity of the X...
-
The purpose of this assignment is to use an affinity diagram to brainstorm and identify root causes of the organizational problem and potential solutions for addressing it. Now that you have...
-
Write a filter KamasutraCipher that takes two strings as command-line argument (the key strings), then reads strings (separated by whitespace) from standard input, substitutes for each letter as...
-
Assume you sell 100 shares of Bowie Corporation short at $72. You also buy a 70 call option for 5.25 to protect against the stock price going up. a. If the stock ends up at $90, what will be your...
-
During the Identify Risk Process, the project manager and the team categorize risks in an effort to determine risks they may have missed. Of the following, which is the best example of risk...
-
What does the obtained value represent?
-
Carbon monoxide at 25C and steam at 150C are fed to a continuous water-gas shift reactor. The product gas, which contains 40.0 mole% H2, 40.0% CO2, and the balance H2O (v), emerges at 500C at a rate...
-
Imagine a scenario where Country A is a major steel producer and Country B is a developing nation with a growing steel industry. Country B's steel industry is facing significant challenges due to...
-
The FY2022 income statement for ABC Company is provided below. Use the following assumptions to forecast ABC's income statement for FY2023: Net sales will increase by 2.0% (200 basis points) in...
-
What would be the net present value after five years if you buy an espresso machine today that costs $1,590 and will save you $680 a year on Starcracks expenses? Assume an average return on your...
-
Gromit plc purchased 80% of the ordinary share capital of Jamboree plc for a price of 1,300,000 on 31 December 20X0. The separate statements of financial position of the two entities at acquisition...
-
Winnie Leigh started a resort business, Winnie's Resort, on June 1, 2023. The following transactions took place during the first quarter of business, June 1 - August 31, 2023. 1. Winnie invested...
-
A company's gross profit percentage is 3 0 % . The company offers a 2 5 % qualified employee discount to its key employees and a 1 5 % discount to all other employees. If Kat, a key employee, and...
-
Tamarisk Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1.5 million on March 1, $1.2 million on June 1, and $3 million on...
-
Jarvis Inc. had pretax financial income of $2,000,000 and taxable income of $2,400,000. The difference is due to a temporary timing difference of warranty liabilities that have not been paid for yet....
-
Identify the claim for each of your stock issues: Pet stores sell animals from private breeders which can include animals from puppymills and harmful unethical breeders. Blame Structural Blame:...
-
(a) With not more than 300 words, examine why Malaysia missed its 2020 targets to divert 40% of waste from landfills and increase recycling rates to 22%. (10 marks) b) Why arent Malaysian recycling?...
-
The NCAA (National Collegiate Athletic Association) wants to develop a database to keep track of information about college basketball. Each university team belongs to only one conference (e.g., the...
-
Identify the superkeys, candidate key(s), and the primary key for the following relation instance of the STU-CLASS relation schema. Student Number Student ACCOUNTING STEDRY ANTHROPOLOGY AP150 MWE9 5...
-
What is the difference between a serial collection of data and a sequential collection of data? Which can be used for direct access?
-
True or False. The system stiffness matrix is always singular unless the boundary conditions are incorporated.
-
Derive the stiffness and mass matrices of the planar frame element (general beam element) shown in Fig. 12.16 in the global \(X Y\)-coordinate system. Y U U3 U Joint 1 Joint 2 U6 Us UA FIGURE 12.16 A...
-
Fill in the Blank. The displacement within a finite element is expressed in terms of _____________ functions.
Study smarter with the SolutionInn App