(DON"T BUY THAT NEW CAR, please).

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Earn a Living

and

Live on What

You Earn !

and

Live on What

You Earn !

Buy a house

Buy a car

Explore your income

In this project you will:

1. Buy a house and calculate the monthly payments and total cost;

2. Buy a car and calculate the monthly payments and total cost;

3. Shop for a month’s worth of food and houshold items and determine their total cost;

4. Make some calculations to figure out what you can afford and learn

to use the mortgage and loan calculators found on the Internet.

5. Create a mock budget which conforms to the limits placed on your income and purchases.

Here’s some info you need before you get started:

1. You make $46,000 per year (median US income).

2. Your dream house cannot be more than 30% of what you make in

eight year at your current income.

3. You will finance your house over 30 years. On average, with interest,

you will pay 3 times the purchase price when you finance a house

over 30 years.

4. Your dream car cannot be more than 35% of your annual income.

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