Practical Personal Finance: Mortgage Payment Increase Calculation
Explore how a couple's mortgage payment would change if the interest rate rose from 2% to 4%. Learn how to calculate the extra monthly cost and understand the impact of interest rates on mortgage payments.
Uploaded on | 0 Views
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Core Maths While you wait A couple have a mortgage of 250 000 at 2%. Their monthly payment is 1060 If the interest rate was 4% instead, how much EXTRA per month would the payment be? A) 60 B) 260 C) 460 D) 660 Mr Gale Kindness Curiosity Determination
Core Maths In this presentation What you get out of it Some examples What s covered? What is it?
What is it? A level 3 course for people who want to continue taking maths post GCSE USEFUL In other subjects USEFUL In later life
What is it? Pragmatic When will I ever use this? Aimed at people who got grades 9 to 4 at GCSE
Whats covered? There are seven main themes in the course: Critical Analysis Personal Finance Analysis of data Estimation Normal Distribution Correlation & Regression Probability
Personal Finance The mortgage question A couple have a mortgage of 250 000 at 2%. Their monthly payment is 1060 If the interest rate was 4% instead, how much EXTRA per month would the payment be? A) 60 B) 260 C) 460 D) 660
Personal Finance The mortgage question A couple have a mortgage of 250 000 at 2%. Their monthly payment is 1060 If the interest rate was 4% instead, how much EXTRA per month would the payment be? A) 60 B) 260 C) 460 D) 660
Personal Finance Mortgage formula ? ? ? ???? ?? ????????? = ? ? 1 1 +? ? Where L = amount of the mortgage r = mortgage interest rate as a decimal n = the number of payments per year t = the number of years to repay the mortgage
The median average smoker smokes 9 cigarettes a day. How much would that cost over a life time of smoking? A) 15 000 B) 50 000 C) 100 000 D) 150 000 Estimation https://digital.nhs.uk/data-and-information/publications/statistical/health-survey-for-england/2021/part-1- smoking#:~:text=In%202021%2C%20current%20smokers%20smoked,cigarettes%20and%20half%20smoke%20more.)
The median average smoker smokes 9 cigarettes a day. How much would that cost over a life time of smoking? A) 15 000 B) 50 000 C) 100 000 D) 150 000 Estimation https://digital.nhs.uk/data-and-information/publications/statistical/health-survey-for-england/2021/part-1- smoking#:~:text=In%202021%2C%20current%20smokers%20smoked,cigarettes%20and%20half%20smoke%20more.)
Whats going on in this graph? Critical Analysis (and budgeting?) https://www.nytimes.com/2020/02/06/l earning/whats-going-on-in-this-graph- engagement-ring-costs.html
How much did you spend on your engagement ring? Critical Analysis (and budgeting?) https://www.nytimes.com/2020/02/06/l earning/whats-going-on-in-this-graph- engagement-ring-costs.html
How much of a persons salary is typically spent on an engagement ring? A) 2 weeks B) 1 month C) 3 months D) 6 months Estimation/ budgeting
How much of a persons salary is typically spent on an engagement ring? A) 2 weeks B) 1 month C) 3 months D) 6 months Estimation/ budgeting
Your great-great-great-granddaughter Critical Analysis He said, "I've been to the year 3000 Not much has changed but they lived underwater And your great, great, great granddaughter Is pretty fine"
Your great-great-great-granddaughter Critical Analysis The average age a mother gives birth is around 30. The Busted version came out in 2003. That s about 1000 years. 1000 30 = 33.3
Your great-great-great-granddaughter Critical Analysis He said, "I've been to the year 3000 Not much has changed but they lived underwater And your great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, great, granddaughter Is pretty fine"
Georgia earns 31 750 a year. After tax that s 2 114.53 p/m. She is given a 5% pay rise. How much extra is that per month (after tax)? A) 5 B) 88 C) 106 D) 1588 Personal Finance
Georgia earns 31 750 a year. After tax that s 2 114.53 p/m. She is given a 5% pay rise. How much extra is that per month (after tax)? A) 5 B) 88 C) 106 D) 1588 Personal Finance
What do you get? A level 3 qualification Two exams, in May. 90 minutes, 60 marks. UCAS points Grade UCAS Points 20 16 12 10 6 A B C D E
What else do you get? Student comments Better Skills employers want understanding of headlines A feeling of not hating maths I wish I was taught that at school Some universities make reduced offers
