Pre- Calc Project

By: Dreyah Cushman

Scenario 2

Harper earned her bachelor’s degree in business two years ago. She is now 25 and is managing a retail store. Her annual salary is $70,000. She has $35,000 in student loans, and also has a car payment of $325 per month. She wants to buy her first home in the next few months.

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Monthly Amount

My Monthly income $5,384, after $420 is taken out of my monthly income for taxes I am left with $4,964.

Rationale:

School Loan Per Month: $291.67

Car Payment- $325

Car Insurance- $150

Gas (for car)- $150

Utilities - $300

Food- $300

Cell Phone- $150

Internet- $60

Credit Card- $100

Health Insurance- $200

Miscellaneous- $400

Mortgage-$1142


After all my expenses have been paid I am still left with $1395.33

My First HOME!

I am purchasing a 4 Bedroom, 3.5 Bathroom home, that is located on

8525 W 90th St, Overland Park, KS 66212. The home is worth $199,950. The minimum monthly mortgage on the house is $1,142 Which includes Taxes, Homeowners Insurance and P&I. I am putting $39,990 down, as a 20% down payment. I have a 30 year fixed rate loan of 4.625%.

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15% more

For the minimum mortgage on my house right now not including Taxes, Homeowners Insurance and P&I, totals $823 monthly. If you multiply 823 times .15 you get $123.45, which is 15% of the minimum amount. Using the equation below I found that if I paid $123.45 more each month totaling $946.45, I would be saving myself ~3.7 or 4 years off of my 30 year fixed loan.


APA Format

Rozz, T. (2011, December 8). Beginning: 1979 [Monograph]. Retrieved from

http://vehiclemy.com/model/Volkswagen-Jetta.html

(2013, December 18) Zillow, Retrieved from http://www.zillow.com/homedetails/8525-W-90th-St-Overland-Park-KS-66212/75676408_zpid/