Housing Prices

Objective: This project is intended to give you practice with calculating income from

investments and predicting monetary needs based on future and current expenditures.

You will identify professions and locations that appeal to you so that you may begin

thinking about what may affect future decisions.

Make the following assumption: You will graduate this Spring and get your preferred job

immediately upon graduation. Be sure to show all calculations when asked.

1. State the profession that you intend or would like to pursue and where you would

like to live. Explain something about why you selected your chosen profession and

desired location.

2. Research potential starting salaries and possible house prices for your choices in your

desired location and provide them. Include your citations for the values and any

assumptions that you are making about your choices.

3. Research what the state and federal income taxes are for the state in which you

want to live. Keep in mind that not all states have a state income tax. Based on your

research, what will your salary be after taxes? Show calculations.

4. Let’s assume that housing prices will remain relatively stable. You will need 20% for a

down payment for your chosen house from Step 2. You plan on moving and

purchasing the house in 5 years from now. How much would you need to save every

month in order to have the down payment? Assume an APR of 5%. Show


5. If you put away $100 a month from after graduation until retirement (age 65) in an

investment account with an APR of 3.5% how much will you have to retire on? Show

calculations. Show calculations on a separate sheet.

6. Recreate the table on page 2 (showing monthly amounts) and calculate your monthly

budget and cash flow based on the salary you found in Step 2. You can add or

eliminate as needed.

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