Finance Part I_1

Finance Part I_1 - Finance Project Part I Congratulations You have decided to buy a home Oh the joys of homeownership anyways it's time for you to

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Finance Project – Part I Congratulations! You have decided to buy a home. Oh, the joys of homeownership… anyways, it’s time for you to get started. Off you go… Part I: Before buying a home, you need to know what you can afford. This takes multiple factors into account. 1. What is your yearly income? Most of you don’t have full-time, professional jobs yet. Research what the average salary is for the profession you are looking to go into. Assume this as your yearly income. Elementary school teachers earn around $58,000 annually. 2. What are your monthly expenses? I know that yours are somewhat limited right now. Think about the expenses you will have. Car & health insurance, cell phone bill…List any expenses you expect to have and how much you expect it to total each month. You may need to research what these amounts would be. Car insurance-$100, Health Insurance- $100, Electric-$100, Cable- $50, Water-$30, Cell Phone- $60. This equals $400 per month. 3. What is your monthly debt ? Again, think about what it will likely be. This includes student loan, credit card payments, car payment, any other borrowed money…List any debt you expect to have. Credit Card payments would be around $150 per month, student loans will be around $200 per
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This note was uploaded on 04/17/2008 for the course MAT 142 taught by Professor Kingsly during the Spring '08 term at ASU.

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Finance Part I_1 - Finance Project Part I Congratulations You have decided to buy a home Oh the joys of homeownership anyways it's time for you to

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