Jenny Was a Friend Of Mine
Finance Project Scenario #3
She went to college for two years, and then dropped out. By the time she dropped out of college, she had $20,000 in student loans. She has been working as a bank teller for the last three years. Her salary is $40,000 per year. She also has a car payment of $230 per month. She is excited to buy her first home.
Starting with the $40,000
30 Year Fixed Rate
From Bank of America: 4.625%
I used my calculators Finance App to find that with the amount of years, 10, the 6.8% interest rate, and the Present Value of $20,000 the minimum monthly payment would be $230.16.
$230 per month, as stated in the scenario description.
The Minimum Monthly Payment is $1,039.84
This Overland Park House costs $140,000
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