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# Finance Project

Maggie Wyntjes
by

## Math Class

on 4 May 2011

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#### Transcript of Finance Project

Apartments are smaller and cheaper. Condos people usually buy rather then rent. The price of this condo is \$233,000.00 2 bedrooms and 1 bathroom 10% down payment Down payment is \$25,000 Mortage from the bank is \$208,000
To pay it off in 25 years at 4.45% interest your monthly payment would be \$1,145.45 To make that monthly payment for 25 years you would
have paid \$343,635 on your mortage. Your finance charge after the mortgage would be \$1356,35. To pay your mortage in 20 years with the same interest rate. The monthly payments would be \$1,305.75.
The total amount you will have paid would be \$313,380. The finance charge after the 20 years is \$1053.80 The amount of money that a person would save paying the mortage off in 20 years rather then 25 difference in finance charge. You would save \$251.95. People choose to pay off their mortage in 25 years rather then 20 because the bank offers it as a better deal so that they are able to make more money off of you. Expenses include:
-condo \$1,305.75
-food \$100
-gas \$280
-cellphone \$100
-electricity \$80
-toiletries \$50
-insurance \$150
-water and heat \$50
-internet \$20
total=\$2135.75 Social worker in Canada makes \$34.10 per hour. \$1364 per week and a salary of \$70,000 a year. Deductions off of every 2 week pay check of 38%. Each paycheck will be \$2728 with deductions of \$1036.64. Every month I will be bringing in an income of \$3382.72. After all of my expense I will have \$1246.66 left over.
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