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
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 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.