FP 101 Week 5 Buying Major Assets Worksheet

FP 101 Week 5 Buying Major Assets Worksheet

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FP 101 Week 5 Buying Major Assets Worksheet

Complete the Buying Major Financial Assets Worksheet.

Submit your assignment to the Assignment Files tab.

Buying Major Financial Assets Worksheet  

Home Buying

1. Complete the “Buy or Rent” calculator using your own data. In 50-100 words answer the following: What was the recommendation? What were the factors that led to that recommendation? Do you agree or disagree with the recommendation? Why?

http://www.bankrate.com/calculators/mortgages/rent-or-buy-home.aspx

2. In a minimum of 100 words, explain the main benefits and drawback of renting and of owning a home?

3. Review Exhibit 7-4. In at least 100 words, summarize the steps in the home-buying process.

4. Review Exhibit 7-6. Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation.

• Monthly gross income: $2,950

• Other debt, monthly payment: $160

• Down payment to be made: 15% of purchase price

• Monthly property tax and insurance: $210

• 30 year mortgage at 6%