Post College Personal Finance

Post College Personal Finance Assignment

The assignment must be submitted via the Desire2Learn drop box for the given assignment by 11:55 p.m. on the due date. This assignment will have two parts to be submitted Part 1 A-C and the Post College Budget Spreadsheet.

1. From the Job Offer Package Sample choices on Desire2Learn or your position choice from the Job

Search / Cover Letter / Resumé assignment for this assignment, select one of these positions, the

starting salary and determine the geographic location for your new position. Once you have the

starting salary and geographic location, you are ready to address the following questions.

Complete the following:

A. Determine the cost of living index for the desired job location. Is it more or less expensive compared to the Lansing area and what factors affect this? For links to help you with this, see the Angel website.

The starting salary of $53,100 in Livonia, Michigan, while working in a Manager Development program, the cost of living is higher than Lansing. The housing index is the main cause of the difference, but the utilities and transportation costs are also higher.

B. Use the web to locate a house in this location and discuss how you would finance it. Specifically, address the following questions: For links to help with this see the Desire2Learn website.

1. 
   

   How much of a down payment will you make? Why?
   

For a $ 200,000 mortgage with a $ 40,000 down payment for 15 years, this is affordable, and a 20% down payment shows commitment.

2. How many years will you be financing the property

(e.g., 15, 20 or 30 years) and at what interest rate?

For the 15 year mortgage, the monthly payment is $ $1,481.62 at 4.375%.

Please use current interest rates to calculate payment.