Down payment option for a home
Problem: You are planning to by a home as soon as you can save enough to make a 10% down payment. Your task is to create a calculator that you can use to determine possible savings options and share this calculator with family using SkyDrive.
1. Identify a home for sale in your local housing market that you would consider buying. use the asking price for that home as the current value of the house, or use an online tool such as Zillow.com to find the current estimated value of the home. enter this value in your down payment calculator, and calculate the needed down payment.
2. determine the amount you consider reasonable as a monthly savings toward a down payment and enter this in your down payment calculator.
3. calculate the future value of your savings, using the rate of return and years to save in the worksheet.
4. create a two-input data table that calculates the future value of savings. you can decide which two-inputs you would like to use for your data table.
5. format the worksheet using the techniques you have learned to present the worksheet content in a visually appealing form.
6. use the excel web app to create two charts showing the relationship between the future value of savings and the two inputs from your data table.
Down Payment Calculator
Current value of house= ?
10% down payment=?
Monthly savings=?
Rate of return=4.50%
Years to save=7
Future value=?