Account Budgeting Assignment

Calculate Net Pay

• Calculate net pay for Chris and Sam
• Do this by deducting the amounts for income tax, CPP premiums, and EI premiums
• Calculate the sum of their gross pay. This is needed to determine how much mortgage for which they will qualify

Choose a House

• Determine an appropriate amount for down payment
• Calculate the amount needed to be saved each month, the rate of return for the savings, and how long it will take to save the down payment
• Use the PMT function in Excel to calculate this
• Determine how much mortgage for which they qualify
• Use the websites listed in the assignment directions
• Choose a house they can afford
• One good source is https://www.realtor.ca/
• Houses can include detached houses, semi-detached houses, condominiums, and trailers
• Assess the suitability of the neighbourhood, particularly for children
• After you choose a house, return to the website you used to calculate the mortgage for which they could qualify and enter the amounts for property taxes and condominium fees, if applicable
• Determine if they would still qualify for the mortgage that you used before finding suitable housing

Transportation Costs

• Choose a car by going to the appropriate manufacturer’s website. You need at least one
• Choose financing from the website
• Determine transportation costs for the spouse who stays home or works locally

Find Daycare and Determine if a Spouse will Stay Home

• Choose a daycare
• Use posted rates, if available
• If there are no rates, use rates provided by the City of Toronto for its childcare services.
• Compare net wage of lower income spouse to the costs of daycare to determine if the lower-income spouse should stay home to look after the children

Determine if the Couple Can Afford to Live in Toronto or the GTA

• By looking at the numbers for saving for the down payment, car loans, and other expenses like rent and food, do you think that Chris and Sam are able to save enough to buy a house. Assume that car payments will be completed by the time they buy a housel
• Do they qualify for a mortgage? How close were they to not qualifying?
• If it is not, determine what the couple could do. You do not need to determine the price of the new arrangement

Conclusion

• Comment on how difficult it was to complete the budget
• Comment, also, on the difficulties that the average Torontonian would have in finding housing, whether that be rental or purchase. As a reminder, please include at least one reliable source.

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