Dream house costs $1,724,000, dream job is political/community organizer which makes $72,000 per year.
a) What is 20% of your dream home value (this is the down payment for your house) and what is 20% of your monthly income?
b) How long will it take you to save for your down payment using in a money market that earns an average of 1.5%?
c) What is the amount of the loan for your house once you subtract the down payment? (asume you have the down payment)?
d) What is the payment for your house loan for 30 year loan with a rate of 3.3% and what is the payment for your house loan for a 15 year loan with a rate of 2.7%?