Financial Math Project Home Shopping for the Jones Family

Assignment Task

The Scenario:

The Jones family is made up of Mr. Jones, Mrs. Jones, 8-year-old twin boys, and a 5- year-old daughter. They are looking for a house in Surrey, built in the year 2000 or newer. In addition to this, each family member has a wishlist for the new home.

• Mr. Jones drives a business vehicle, so he needs room to park his personal car as well as his business vehicle in a safe location. He wants a 2-car garage. He would also like to have an ensuite bathroom attached to the master bedroom.

• Mrs. Jones works from home, so she needs a home office. She would also love an island in the kitchen. [Note: a spare bedroom could be used as an office.]

• The twins, who have shared a room since they were born, are longing to have their own bedrooms.

• The 5-year-old daughter would love a fenced yard to play in.

Your project:

A.  Find the best three homes that would meet the budget, needs, and wants of the Jones family. Each home should have a different price. Include the MLS of each one in your report. 

B. Create a chart in which you compare mortgage (interest) rates at 5 Canadian financial institutions of your choice. Record rates for open mortgages, closed mortgages, fixed and variable rates, and different term lengths. 

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