Buying A House Process Analysis
How to Buy a House
The objective of this project is to clearly explain the process of buying a house. There are many steps that need to be taken in order to be effective in doing this. Buying a house is a major goal for some people, in which they save up money their entire life. The methods used to figure out cost include basic concepts of addition, subtraction, multiplication, and division; however, the formulas needed to calculate it can be a bit tricky. When buying a house, the first thing you need to know is the asking price. Once you know that, you can put a down payment on the home. This is an amount of money, usually paid upfront in the form of cash. To find out how much this is, you will use the lowest interest rate available at the time. Down payments are categorized …show more content…
To find the total interest, you will need to use the formula I=prt where p= the principle, r= the rate, and t= the time. If you plugged in 4,012.96 for p, .045 for r, and 3 for t, you will have a total interest of $541.75. Finding the monthly payment is something you should also consider. To do this, take the total interest amount ($541.75) and add to it the total cost of every item ($4,012.96). Divide that number ($4,554.71) by 36. This will give you a monthly payment of $126.52. All together, the total amount you will be paying for the items is $4,554.71. I have included pictures of each item as well as the prospective house you are buying. Along with the pictures are prices of each, which will hopefully help you to envision the process you are about to encounter. Although it may seem difficult and frustrating at times, try to stay focused as you apply the different methods and formulas. It took me several tries on some occasions before I finally got it right. And always remember to double check your work. I have found that buying a house is more expensive than you
The objective of this project is to clearly explain the process of buying a house. There are many steps that need to be taken in order to be effective in doing this. Buying a house is a major goal for some people, in which they save up money their entire life. The methods used to figure out cost include basic concepts of addition, subtraction, multiplication, and division; however, the formulas needed to calculate it can be a bit tricky. When buying a house, the first thing you need to know is the asking price. Once you know that, you can put a down payment on the home. This is an amount of money, usually paid upfront in the form of cash. To find out how much this is, you will use the lowest interest rate available at the time. Down payments are categorized …show more content…
To find the total interest, you will need to use the formula I=prt where p= the principle, r= the rate, and t= the time. If you plugged in 4,012.96 for p, .045 for r, and 3 for t, you will have a total interest of $541.75. Finding the monthly payment is something you should also consider. To do this, take the total interest amount ($541.75) and add to it the total cost of every item ($4,012.96). Divide that number ($4,554.71) by 36. This will give you a monthly payment of $126.52. All together, the total amount you will be paying for the items is $4,554.71. I have included pictures of each item as well as the prospective house you are buying. Along with the pictures are prices of each, which will hopefully help you to envision the process you are about to encounter. Although it may seem difficult and frustrating at times, try to stay focused as you apply the different methods and formulas. It took me several tries on some occasions before I finally got it right. And always remember to double check your work. I have found that buying a house is more expensive than you