Need this math To Be Done Asap /Mathematics
· One equal sign per line
· Equal signs in each question lined up vertically with each other
· No self-developed short form notation
· One step or idea per line (do not do steps in your head that are not written down; each line must represent a step-by-step progression from question to answer)
Please include neat, complete solutions showing all the steps you used to get your final answer. Be sure your graphs are well labeled, and your curves each easily distinguished with colour coding if you have more than one curve on a grid. (30 marks)
1. Visit a local financial institution to determine the method of interest calculation on loans and mortgages. You may also research on the internet (visit Royal Bank, BMO and Scotiabank websites, and those of any Credit Unions in your area). Make sure to shop around to learn about different options.
AGENTS.ROYALLEPAGE.CA
2. Based upon your research from (1), write a report on the different mortgage options available to a potential home-buyer. Remember, the reader of this report may know nothing about mortgages, interest rates, debt, or banking, so you will need to explain all of it to them very clearly. If you can show the assignment to a friend of yours who has not already passed Grade 11 math, and it makes sense to them, then you have done a good job.
3. Think about the type of house you want to live in after ten years (you’re out of your parent’s house, you own your own property, and so forth). What kind of house is it — a bungalow? A mansion? A farm house with acreage? A condominium on the Toronto waterfront? An open-concept artist’s studio? A townhouse? An old Victorian red-brick home?
Based upon your imaginings, complete the following:
a. Find a picture of your “dream-home”, or one like it (you may well not find exactly what you’re looking for, but hopefully you can find the next closest thing). You may check out MLS.ca to do this.
b. What is the market value of this home? (If the house is for sale on MLS, all you need to do is report the “asking-price” of the house. If you have chosen a house that is not for sale, you may need to visit a real estate agent with a picture of the house, explain that you are working on a school project, and ask them for a ball-park figure for how much the house would cost.) Remember, where the house is located has as much to do with the price as what kind of house it is, so be sure you know where you want to live!
c. Banks don’t usually just give people mortgages — they need to know that they are serious about saving money and paying off debt. So they usually require a down-payment — an amount of money that the borrower has already saved. Suppose a bank asked you to save 5% of the cost of the house (a realistic figure). How much would this be? Assuming you had a savings account that paid an interest rate of 2%/a, compounded monthly, how much money would you need to put away every week if you wanted to have saved the down payment by the end of a year? Again, it is not necessary to show all work — use the annuities spreadsheet that you generated earlier in the unit.
d. Based upon your report in (1) and (2), determine a mortgage plan that best suits you and your goals. Assume that you want to pay the mortgage off in 25 years. What will your monthly payment be? How much money would you save if you could pay off the mortgage in 10 years? (HINT: CHEAT!!! Use the “mortgage calculator” provided at Realtor.ca . All you need to do is enter the numbers you have researched, and it will do the work for you. This isn’t really cheating, by the way; what kind of math course would this be if I wasn’t teaching you to do math the way people actually do it? It is not necessary to show all of your work).
e. Explain why the type of mortgage you selected is the best one for you and your lifestyle.
f. Consider the monthly payments necessary to maintain the mortgage and the property you have selected. What sort of annual income do you need to pay this off — and still have enough to eat, go on vacation and generally enjoy your life? What sort of careers might you be interested in that provide this sort of income? Choose one of those careers, and briefly report on the sort of education you would need to pursue that career. How many years of school are involved?
g. Has this assignment changed the way you think about your career goals? About your future ownership goals? Your education goals? Write a brief reflection on your current attitude towards property ownership. There are no right or wrong answers here, but you will be assessed for how deeply you have reflected upon your own experiences and the information you acquired during this assignment.
