Personal Finance report (5)
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School
Southwest Texas Junior College *
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Course
1301
Subject
Mathematics
Date
Feb 20, 2024
Type
Pages
5
Uploaded by MagistrateEnergyHippopotamus12
[Last Name] 1 Personal finance report Dora Garza Southwest Texas Junior College Math 1314: College Algebra Professor Stephen Schomber April 18
th
, 2023
[Last Name] 2 Personal finance report
Compare I researched the Bank of America credit card and the Capital One credit card. The Bank Of America has a variable APR that is currently at 14.99%-24.99% and the Capital One Quicksilver credit cards have a variable APR that is currently at 17.99%-27.99%. So, from my research I would choose to go with the Bank of America Credit Card. I went through Wells Fargo to check on home loans and their 30 Year Fixed Interest Rate is 5.750% and I also went through Bank of America and their 30 Year Fixed Interest Rate is 7.125%. My best option would be Wells Fargo due to the fact that it is 2% less than Bank of America. I checked on car loan interests and found that Capital One has an Interest Rate for a car loan at 5.49% which is lower than Carvana which has an interest rate of 6.85%. Discover has a 2.75% interest rate for a savings account. American Express has a 2.50% interest rate for a savings account. Therefore, American Express is .25% lower. Local Real State I went on the site La Cantera Real State and found a house that I bought. https://www.realtor.com/realestateagency/56d6de7e8a13600100d7cbb6. The house costs $200,000 and I will be left a $15,000 down payment. $200,000-15,000=185,000. So I got a loan amount of $185,000 with an interest amount of 5.750%. So I will be paying $1,440.03 with PMI for 30 years. Local or online dealerships
[Last Name] 3 I bought a 2015 Grand Cherokee Jeep for $14,613 with tax, title, and registration fees. I put in a downpayment of $10,000. $14,613-10,000=4,613. So, I would have to pay $139 monthly for 36 months with a rate of 5.49%. Invest After leaving a downpayment of $15,000 on the house and $10,000 down payment on a vehicle I only have $5,000 left to invest. $15,000-10,000=5,000. After doing some research I have decided to invest it into a savings account. American Express is 2.50% APY. So if I deposit $5,000 into my savings account, in 5 years my future balance will be $15,076 with 2.50% APY. A=P(1+(r/n))^n*t. $5,000=P(1+(2.50%/5))2.50%*5 Potential careers I plan on becoming a Registered Nurse . Registered nurses are in high demand now and in Texas the annual high is $120,000 per year. To become a registered nurse, I need a two-year course. Some knowledge that I need is critical thinking, time management, social perceptiveness. Conclusion In conclusion, I have learned how to budget my money with a certain budget. I divided my total amount of $30,000 into a downpayment of $15,000 into a home, a downpayment of $10,000 into a car and I invested $5,000 into a savings account. Overall, I believe that becoming a future Registered Nurse will be an excellent job for me that will make enough to pay my monthly expenses of a home, a vehicle, and etc…
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[Last Name] 4 Reference Lower interest rate credit cards from Bank of America. Bank of America. (n.d.). Retrieved April 18, 2023, from https://www.bankofamerica.com/ Capital one. (n.d.). Retrieved April 18, 2023, from https://www.capitalone.com/creditcards/lowintro-rate Home loans and current rates from Bank of America. Bank of America. (n.d.). Retrieved April 18, 2023, from https://www.bankofamerica.com/mortgage/ Current mortgage and refinance rates. Compare Current Mortgage Interest Rates | Wells Fargo. (n.d.). Retrieved April 18, 2023, from https://www.wellsfargo.com/mortgage/rates/ Best auto loan rates in April 18. LendingTree. (n.d.). Retrieved November 3, 2022, from https://www.lendingtree.com/auto/ Standout Online Savings Accounts. NerdWallet. (n.d.). Retrieved April 18, 2023, from https://www.nerdwallet.com/m/banking/standout-online-savings-accounts-5 https://www.realtor.com/realestateagency/56d6de7e8a13600100d7cbb6. O*Net online. O*NET OnLine. (n.d.). Retrieved April 18, 2023 from https://www.onetonline.org/
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