Unit 2 Case Study Karla and David’s combined income is $68,000 a year. Their banker told them that the most they should spend for a home is 2.5 times their annual income. 1. Determine the maximum amount that Karla and David should spend on their future home. (2.5 times their annual income.) 2. Help Karla and David decide what features they should take into consideration when they buy a home. Create a list of the features. Then, write a two-paragraph description of their future home. Draw a floor plan of the home they should buy. 3. Use the Internet to locate an ad for a home in Karla and David’s price range. 4. Use the Bankrate.com mortgage calculator to calculate, create, copy and save an amortization table of their loan amount. 5. Estimate cost of insurance at $2500 per year. 6. Estimate cost of utilities at $300 per month. 7. Karla and David have budgeted approximately $10,000 to furnish their home. Using the Internet, research prices of furnishings and create a spreadsheet list of furnishings for their new home. List each item/furnishing and its price. 8. Prepare a budget for Karla and David for their first year as homeowners. Use an Excel spreadsheet to save the budget. Print and turn in the above items using word documents and excel spreadsheets.
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