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Lilly Iniguez - Clinton p1 - Part 2 Home and Car Selection
Lilly Iniguez - Clinton p1 - Part 2 Home and Car Selection
In this portion of your project, you and your groupmates will be making a few more decisions and
doing a bit of research. You will be researching current interest rates for first-time home and car buyers,
and deciding on a house and a car currently on the market that your group would want to purchase. Using
these choices, you’ll find out your down payments and monthly payments on your home and car loans.
Recall
Before we begin, we must first figure out how much money we have to work with. In part 1, we figure out
the median annual income for the career we chose, an area we wanted to live in and state and federal
taxes for that area.
What was your Annual Median Income? $126,130
What was the best interest rate that you found for 4.125%
first-time homebuyers?
Was the interest rate for a 15 or 30 year loan? (If it didn’t 30 years (4.125%)
specify, choose how long you’d like your home loan to
last, 15 or 30 years.)
What was the name of the site (or sites) where you BankRate.com
gathered your information?
What site (or sites) did you get your information from? https://www.bankrate.com/mortgage.a
Please copy and paste the link here. ---> spx?ic_id=content-page-mortgage-rate
-table#testid=10235344414_control
3. Now that you have some information about your loan terms, it’s time to go shopping! Some
popular retail sites have been provided below. It’s time to choose a home currently on the market
that you’d want to purchase. With your group, find a home and record your home’s information
below.
Zillow, R
edFin, T
rulia, Realtor.com
What is the home’s current listing price? $522,900
What was the best interest rate that you found? 3.24%
Since the down payment will not be included in your total $22,139.10
loan amount (yay!), how much will your actual loan amount
be?
What will your monthly payments be? (Use same formula $506
from #3.)
Please insert a link to your listing here. ---> https://www.carmax.com/financing/
prequal?stockNumber=15463510&op=
Search_Finance1st
That’s all for Part 2! Please keep these values handy. In Part 3, you’ll be investigating the value of
your home in the future.