Project #4102 - Week 4 Question 1

I need help with this discussion question.  I actually did all of the work as displayed on the bottom, but I did something wrong.  I need it corrected.  Look at my work displayed underneath the question and fixed where I went wrong. The purpose of this Discussion is to analyze a financial plan that portrays a somewhat typical budgeting scheme. You will calculate expenses, a mortgage payment, and the effects of interest and financing on your budget. Show your math work for every answer and identify the answers with words. Select the first three letters of your last name. Each letter has a numerical place value in the alphabet. For example, D is 4, L is 12, and Z is 26. Add the three place values together. For example, Wallace would yield WAL, which is 23+1+12 = 36.   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. Use the plan at the bottom of page 538, “Mathematics in Our World Revisited,” to calculate the monthly mortgage payment established by your monthly income. 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? Respond to at least two of your classmates’ postings. Make sure you review their calculations and let them know if their income seems sufficient to cover their monthly expenses. My answer is displayed below: My last name is Comage so I will be using the letters C, O, M.  C = 3; O = 15; M = 133 + 15 + 13 = 3131 * 1500 = $46500 (Yearly income)Yearly income = $46500Monthly income = 46500/12 Monthly income:  $3875Monthly expenses: Car payment = $283.15, Car insurance = $72, Utilities (includes water and power) = $242.77, Internet = $32, Cell Phone = $79.95, and Educational Bills = 7980/12 = $6653875 - 283.15 = 3591.85283.15/3591.85 = .073The car payment is 7.3% of my monthly income.Monthly Income after expenses have been subtracted = $2500.133875/2500.13 = 0.645The percent of income left to buy foo, clothing, and rent or mortgage is 64.5%Use the plan at the bottom of page 538, “Mathematics in Our World Revisited,” to calculate the monthly mortgage payment established by your monthly income.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?Yearly income:  $46500.00Monthly income:  $3875.00Find 28% of monthly income:0.28 X 3875.00 = 1085Find 25% of yearly income:0.25 X 46500.00 = $11625You can afford a down payment of $11625.00, and a monthly payment of $1085The following is true assuming you are going for a 25 year mortgage with a rate of 7.70 and you can afford 28% of your income for a monthly payment:7.70x = 10857.70x = 10857.70    7.70x= $140.90140.90 X 1000 = 140909.00140909.00 + 11625= $152534.00 The total purchase price you can afford for a home is $152534.00  

Subject Mathematics
Due By (Pacific Time) 04/08/2013 03:35 pm
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