Using available information systems, research the latest interest rate on a 30-year and a 15-year loan. Calculate the monthly payment of the loan required to purchase your home, 30 years and the current interest rate. What is the monthly payment on the same loan in a 15-year contract? What is the monthly payment on the same loan at an interest rate of 1% more than the first rate? You may use interest rates that are available today. Interest rates do change as the economy changes. Remember that you are paying 20% down of the cost of your home, and financing the remaining 80%.
Search on the web and find the home that you would consider purchasing assuming you are employed, and have saved enough money to pay 20% down of the purchase price. Now, find a similar home located in a different part of the United States that you would consider purchasing. Using the information systems you have studied, or of which you have knowledge, complete a presentation using the following guidelines. You may add additional slides if required for the information described in:
A slide describing the demographics and cost of living and quality of life in your first chosen location; and explaining why you are choosing your first preferred location. What information will you request from the realtor? What information is important to you considering your ‘life style’ and family? (This scenario is what you want it to be with respect to size of family, etc. and your interests and hobbies, etc.)