Jenny's Financial Journey
Her steps to buying the house of her dreams.
Sara Coe Finance Project Mrs. Stein Hour 5
But don't forget student loans....
*Although Jenny took the easy route and used her calculator, she could have done this problem by hand. Using the Present Value equation on the right, she could have calculated her student loan payment.*
What can she afford?
*Jenny could have also used the Present Value equation to the left to figure out the price of a house she could afford.*
Buying a house!
*To the left is the Present Value equation Jenny could have used to purchase her dream house. She need to find the R value and she knew the Present Value was 125,000. The i value was .04625/12 (the mortgage rate over 12 monthly payments) and the n value was 360 (12 times 30).*
7139 Beverly Street Overland Park, KS 66204
Weighing her options
Finding the time it would take with a 15% increase
22.9 or 22 years and 11 months
Jenny's new house!
Finding how much money Jenny would save
Congratulations on your new house, Jenny!
Wells Fargo. (2013, December 31). Today’s Mortgage Rates. Retrieved from https://www.wellsfargo.com/mortgage/rates/?dm=DMIWFHPRAT.
Reece and Nichols. (2013, December 31). Reece and Nichols. Retrieved from http://www.reeceandnichols.com/Listing/ListingSearch.aspx?Search=b2db0c1b-78c1-4f4f-be67-d239a442ff15&SearchType=&ListingType=&ListingDistrictTypeID=&FirstLetter=&Sort=6&view=