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Transcript of Finance Project
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:
-water and heat $50
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.