College Math Topics Mid-Term Project: Part One The goal of College Math Topics

College Math Topics Mid-Term Project: Part One

The goal of College Math Topics is to make mathematics real for you, the student. You will be graded on correctness, quality of work, and effort. Everything should be typed and look professional in a Google Slides or Powerpoint document (grammar/spelling errors will be non-existent). Color pictures are required, everything you turn in should look good. For each part, be sure to answer all the questions in sentence form. This is good training for creating a presentation for a job, where the presentation can be more important than the information being presented

FINDING A JOB, CAR AND HOME
SECTION 1:
Find your job. You are getting an education for a reason…to get a job or to get a different job than you already have. Describe the job you would like to have when you graduate. Tell me how much your job pays in the area you want to live, how you determined this (use the internet, most jobs you should be able to google in an area.), and why you want to do this for a living. You can take this as far as you want, but please, for your sake, be realistic. You will probably not make over $150,000 your first year out of college, and for some careers it might be more like $30,000. In conclusion, determine what your monthly salary would be. If you don’t want to live in the DMV, you should tell me this and adjust your salary and all other monetary figures accordingly to the place you want to live. [EX: $60,000 per year or $5,000 per month.]
Summary of section:
Describe job you want after College (or High School if that is your plan)
Tell me how much you will make in the area you want to live in.
Tell me how you found out the pay (give me a link to a website), and why you want to live where you choose to live
Tell me your yearly and monthly salary
SECTION 2:
Calculate your taxes. Now that you have a job, let’s figure out how much you are going to be taking home with each paycheck. We need to figure out how much will be taken out in taxes, then divide your total net pay by 26 (most jobs give 26 paychecks in a year).
Summary of section:
Tell me which tax bracket (the tax rate %) you are in based on the Federal Tax Brackets. You can find these brackets by googling it.
Tell me which state you plan to live in and say which tax bracket you are in for that state (if the state has no income tax, please say that)
Use this website to calculate how much of your gross income would be taken out in taxes.
Specify how much is taken out for Federal, State, and FICA (Social Security and Medicare).
Take the amount of income you have left over and divide by 26. This number is how much you are getting in each of your paychecks (roughly)

SECTION 3:
Find your car. Now we need to find you some transportation, you must determine what type of vehicle you will drive. Even if you have a car right now, assume you will be getting a new one. Find the vehicle you want to drive for sale on the internet, insert a picture, insert a link to the sale of the car, and include a description of the car.
You must calculate the costs of buying and owning a car such as:
Cost of a car loan
Insurance
Car Taxes
License and Registration
Cost of gas per year
Summary of section:
State which car you will purchase, include a link to the ACTUAL car you plan to buy.
Include a picture of the car
Include a description of the car
State the interest you will get on your loan and how many months the loan will be.
Go to this website and calculate how much your monthly payment will be for your car
Show your calculations for the cost of each of the other parts of owning a car (Insurance, Taxes, etc…)
SECTION 4:
Home Affordability. Next, you’ll need to determine how much you could afford as a monthly payment for a house. This monthly amount is based on your monthly salary from #1. FHA loans have a maximum of 43% of your gross monthly income that can go to any loan obligation. This does not count utilities, cable, phone, TV, etc. Further, the ratio of house payment to gross monthly income can’t exceed 31%. Let’s find how much you could afford per month. We are going to look at what other expenses you will have to pay. These will include things like:
– Cost of car per month
– Cost of food per month
– Cost of phone and etc per month
Step 1: List out your expenses (First Slide)
The following is an example of what your table should look like
Example:
Type
Monthly Payment
Cost of Food
$300.00
Phone
$150.00
Car Payment from (2)
$203.96
Totals
$653.96
Step 2: Calculate projected house (Second Slide)
Using the example above, the monthly salary is $5,000 before taxes. So we are going to try two different methods
Part One:
(A) Multiply the gross monthly salary by 43% to get $5,000 × 0.43 = $2,150. Subtract all loans and monthly obligations: $2,150 – $653.96 = $1,496.04.
Part Two:
(B) Multiply 31% by the gross monthly salary to get $5,000 × 0.31 = $1,550.
Part Three:
Compare the numbers you got in Part 1 and Part 2:
Part 1: $1,496.04
Part 2: $1,550
We need to choose the smaller one which is $1,496.04.
Part Four:
The home that you can shop for will be about 150 times this number then divided by 0.9 for estimated down payment
Example: $1,496.94 × 150 = $224,541
224,541 ÷ 0.90 = $249,490.00.
$249,490.00 is the estimate for how much you can afford for a house.

SECTION 5:
Find your home and home price. Using the amount you found above, search for a house online. Include a picture and description; Zillow.com is a pretty good place to start. Include at least a paragraph about why you like it, what features you enjoy, and how well it fits your budget.
Summary of Section:
Find a house online around the price range you calculated.
Include a link to the house, some pictures of the house (from the link) along with some basic information about the house on your slide
At least a paragraph explaining why you want this house

Final Project Summary
Title Slide
Section 1 needs at least one slide + a link
Section 2 needs at least one slide + use the website (can take a picture of output from the website)
Section 3 needs at least two slides + use the website (One slide to show your car + picture + description, and another slide to show all the costs)
Section 4 needs at least two slides (One slide to show your costs in a table, and one slide to show your calculations for estimated house price)
Section 5 needs at least two slides (One slide to show pictures, link, and basic description, and another slide to explain why you want the house)
Your project should be:
Organized
Include all the information I am asking for
Look clean, with pictures or links included when needed
Have effort put into the overall look of the project