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housing projectB

# housing projectB - Yearly tax = Monthly tax = 6 Calculate...

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Math Money Management Project - Chapter 9 Housing Name ______________________________ I. Select a house or condo from any advertising supplement (newspaper or real estate book) 1) Clip out the ad and staple to this project. 2) List the selling price here (assume you pay the price in the ad). _________ 3) State whether the house is brick or wood. ________ For insurance, assume a fire-protection class of 8 . 4) Calculate the monthly mortgage payment assuming a 3% down payment. a) How much do you need for a down payment? _______ b) How much is your mortgage amount? ______ c) Assume you finance your house for 30 years at 7%. What is your monthly payment? (Show how you calculate it – use the chart on p. 645). 5) Approximate your yearly taxes assuming as assessment rate of 40% and a total millage of 32.16 mills for Gwinnett County. (This does not include homestead exemption or any tax discounts).
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Unformatted text preview: Yearly tax = ______ Monthly tax = ________ 6) Calculate your yearly insurance premium (for fire protection) using the chart on p. 279. Assume you are taking 80% replacement Value. Round replacement value to the nearest 10,000 dollars in order to use the chart. 80% x value = ____________ round to \$10,000 = __________ fire insurance = _________ Use the chart on p. 277, determine the amount of insurance required for a) personal property ____________ b) loss of use ___________ c) garage _____________ total insurance for the year = ______________ monthly cost = _________ 7) Calculate your total monthly payment for this abode. _____________ 8) FHA guidelines state that you should spend < 35% of your monthly net income. Based on your monthly payments, how much would you need to earn yearly (after taxes) to support your house?...
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