I'm Moving

You have recently graduated from university and found employment in Windsor, Ontario as a systems analyst. You plan to purchase a home (condo or a small house) in Windsor. You require a minimum of two bedrooms, one bathroom, parking, and a fireplace, and would like to be close to an elementary school.

This activity contains 3 questions.

	Go to the Web site Moving in Canada and find a property that meets your needs below $120 000, $140 000, $175 000 and $200 000.   To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

	Now consider the financing. You can afford a $30 000 down payment for the property and would like to know how much you need to pay per month if you are to finance the remaining balance at mortgage rates of 5%, 5.25%, 5.50%, 5.75% and 6.00%. Prepare your payment schedule using a spreadsheet for the various mortgage rates for 20- and 25-year mortgages.   To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

	Your new company has made a commitment to you for annual bonus payments equal to 10% of your previous year’s salary, half of which you plan to use as a lump sum payment on your mortgage. Estimate your salary using Canadian figures (for example, see http://canadavisa.com/documents/salary/it.htm), and build this figure into your payment schedule. How much sooner can you pay off the mortgage?   To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

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