Click this link to access the budget template.  You will need to be logged into your google drive to access it.  Please share it back with me so I can access it.  You will also need to print it to hand-in.

Here is the rubric for the assignment: Budget Project Rubric

Housing

To determine how large a mortgage you afford, go to Tangerine and choose the rent translator.  Enter the amount calculated in class for your housing costs.

To look for a place to buy use realtor.ca.  For condos, you can use condos.ca

To look for a place to rent try:

For a mortgage, go to tangerine  and select Mortgage Payment Calculator

Use the financial calculator to calculate a mortgage. Choose a monthly payment. Use an amortization rate of 25 years, a mortgage rate of 3.29% and a mortgage term of 5 years.  Do two calculations, one for a 20% down payment and one for a 5% down payment.

Take a screen shot of the result.

Enter the monthly rate for the 20% down payment option into your budget.

Credit Calculators

Credit Card – assume 19.5% interest rate, try three different scenarios, minimum payment only, increase minimum payment by some amount and fixed monthly payment.

Line of Credit – It is credit card calculator but it will work for line of credit – assume 6% interest and a 3% monthly payment

Student Loan Calculator – use this link to help with your student debt.  Assume a 3.5% fixed interest rate.  You can change the number of years to pay back your loan to a maximum of 20 years.