SECTION 10-8 Other Housing Costs pp. 361-363.

Slides:

Advertisements

Similar presentations

Section 2.6 Question 1. Section 2.6 Answer 1 Section 2.6 Question 2.

Advertisements

Managing Your Money Personal Finance. Disposable Income.

 Cash for a down payment + mortgage payments  Property taxes  Home insurance  Condo owners—condo fees  Utilities, maintenance and services.

 It’s a great feeling when you buy your first house, but it comes with expenses that you didn’t have to worry about when you rented  Despite having more.

Warm Up- % of a Number On a sheet of notebook paper BE NEAT- Turning this in! 1.Find 8% of 5, Find 2% of 5, Find 9.5% of 5, Find.

WHICH PROGRAM IS RIGHT FOR YOU? Programs for Patrons on Home owning and mortgages.

Housing Costs. Mortgage Loans Mortgage Loan Amount= Selling Price – Down Payment Example House is 140,000 and they ask for a 15% down payment $140,000.

Identify each as income or an expense Scholarship Pay Tuition Gasoline Canada Savings Bond interest Allowance Rent.

PERSONAL INCOME EQUATION (P.I.E). Gross Pay – Deductions = Net Pay – Expenses = Discretionary Income.

Moving Out Project Notes. The Assignment Budget based on 40 hours work per week at $15 per hour You will have choices to make about your expenses.

 College or University to attend:  The Ohio State  * Tuition  19,926 (1 year)  79,704(4 years)  * Major  Medical terminology or one of the life.

Created by: Mr. Bock. Salary I choose to base my salary from a career as a teacher that makes $51,250 annually This equates to $788/week or $3,152.00/month.

CAREER BUDGET NAME 2014 – 2015 CAREER?. CAREER Career Qualifications: Entry Level Pay: Education Loan Payment: Location: Employer: Insert Career Image.

House Hunting Finding your own place is exciting, but it is also a big responsibility. What are some costs associated with renting or buying a home?

Hiring Help Businesses incur many costs. Can you think of some advantages of hiring specialized professionals to perform certain tasks?

10.1 Mortgage Loans First make a down payment. ◦ Generally between 10 and 40 percent of the selling price. ◦ Most 1 st -time homeowners put down 5%. ◦

Week 5 Excel. JanFebMarAprMayJun Monthly Income 2700 Monthly Expenses Electric Water Cell Phones 130 Rent 800 Car Payments.

My Budget Project Personal Finance Period:_____ Your Name 7/7/

Planning for the Future

The bare basics you need to know.

Quiz 4: Managing Money In this topic you will practise numeracy skills to help you learn: Different types of income Different types of expenses How to.

Lesson 5A: Making a Budget– It Is All About Spending!

GAME OF LIFE Module 14 Utilities:.

Costs When a business starts up for the first time, the owner needs to plan what he or she will need to get going. There are two main types of costs: Start-up.

Buying a House with a Mortgage

Finding A Place To Live.

Teenage Pregnancy: The Budget

Personal Finance project

Learning How to Save Money

Social Security Tax Withholdings: Adjusted Gross Pay. x 6

Virtual Living: Physical Therapist

SECTION 3-1 pp Average Monthly Expenditures.

Social Security Tax Withholdings: Adjusted Gross Pay. x 6

ABLE Accounts and Medicaid Payback

SECTION 10-2 Monthly Payment and Total Interest pp

MAP4C – Personal Finance Unit

Personal Finance Quiz Mortgage vs Rent.

By, Cosimo Lombardo, Jacob Dodman, Jake Gajdzik

SECTION 10-1 Mortgage Loans pp

What do you know about a loan? What do you know about mortgage?

My Budget Project Math of Finance Block:_____

SECTION 8-4 Installment Loans― pp

Quiz on Balancing a Checkbook and writing a check

Bare basics you need to know.

Modern Decision Making Process

Evaluate the costs and benefits of budgeting

SECTION 7-3 Finance Charge: Average-Daily-Balance pp

Section 7.6 Day 2 Exponential Growth & Decay

Insurance & Other Housing Costs

Personal Finances.

Computing Deductions on Your Paycheck

Your Title Insert a picture of you selected home here

SECTION 1-7 pp Graduated Commission.

Purchasing a Home VS Renting

SECTION 4-6 Online Banking pp

SECTION 2-2 State Income Tax pp

SECTION 3-2 Preparing a Budget Sheet pp

Spending Plans Brown Family Lesson.

SECTION 10-2 Monthly Payment and Total Interest pp

SECTION 7-4 Finance Charge: Average-Daily-Balance

SECTION 7-3 Finance Charge: Average-Daily-Balance pp

Insurance & Other Housing Costs

Budgeting Take Charge.

To Do: (10 minutes to complete)

Interest Rates, Terms, Total Financed Amount

My Budget Project Financial Literacy Period:_____

MAP4C – Personal Finance Unit

Life Of….. Taylor B. Jones Get ready to Take Charge of Your Finances

Math 201 Student Loan Portfolio Project

SECTION 1-7 Graduated Commission pp

Presentation transcript:

SECTION 10-8 Other Housing Costs pp. 361-363

Key Words to Know utility costs (p. 361) The costs or public services such as electricity, water, and gas.

Example 1 Sue and Chad Putnam have a combined monthly take-home pay of $3,320. The list of their expenses for May is shown in Figure 10.6 below. Were their housing costs for May within the FHA guidelines of less than 35 percent of their take-home pay?

Figure 10.6

Example 1 Answer: Step 1 Find the total monthly cost. Sum of expenses = $1,221.63

Example 1 Answer: Step 2 Find the recommended maximum. $3,320.00 × 35% = $1,162.00

Example 1 Answer: Step 3 Compare: Is the total monthly cost less than the recommended maximum? Is $1,221.63 less than $1,162.00? No, the Kwan’s are not within the guidelines.

Practice 1 Juaquin and Maria Eloyza have a combined monthly net income of $4,928. The following is a list of their housing expenses for the month of April: Mortgage payment, $846; insurance, $31; taxes, $210; electricity, $67; phone, $55; cable TV, $21.95, Internet service; $38; fuel, $55; water, $29.43; washing machine installment payment, $45; repairs, $439.35.

Practice 1 (cont.) Find the total monthly housing cost. Is it within the FHA guidelines?

Practice 1 Answer FHA recommendation: $1,724.80 Total monthly housing cost: $1,837.73 Is it within the FHA guidelines? No.

362:1-13