Finance Project

Deven Pandya - Scenario 2

Monthly: Salary: $5,833.33 Car Loan: $325 Student Loans: $402.78 Cost of Living: $2000

All in all there is $3105.55 to spend per month on house payments. Cost of living was derived from expected food expenditure, electric and water bills at rates slightly below household average (she is single), retirement savings, gas money and insurance. Total spending amount after the 30 year loan (with 3.875 interest) caps at $1,117,998, although due to taxes and interest, I chose a house priced at $525,000. The total overall payments will amount to $888,750.
Minimum monthly payments will be 2468.75 + 325 + 402.78 + 2000, or $5196.53.

Amoritization Table Year 1

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