Total Purchase Price

Select the first three letters of your last name. Each letter has a numerical place value in the alphabet. B=2 J=10 O=15.

Add the three place values together; which is 2 + 10 + 15 = 27. Show your work. Multiply your sum by 1500. This is your yearly income for Week Four

Discussion 1.

Please use the following monthly expenses: Car payment = $283.15, Car insurance = $72, Utilities (includes water and power) = $242.77, Internet = $32, and Cell Phone = $79.95.

You also have a yearly educational bill of $7980 which includes textbooks and classes.

Calculate your monthly income.

What percent of your monthly income is the car payment?

Subtract the sum of your monthly expenses. Use this value to calculate what percent of your income is now available to spend for food, clothing, and your rent or mortgage.

Assume you can afford a down payment equal to 25% of your yearly income. What is the total purchase price can you afford for a home?

Would this amount allow you to purchase a home in the area where you live? 

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