Finance Project

By: Harrison Harker

Scenario

Brett is a construction foreman who didn't attend college. He's 24 years old, and earns $50,000 a year. He just purchased a $23,000 car with a 6.50% 5 year loan. He is looking to purchase a home.
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Brett's Monthly Budget

Brett spends his monthly budget like this $2916.66

Home Payment: $1363.53

Car Insurance: $113

Entertainment: $200

Food: $303.60

Utilities: $230

Cell Phone Bill: $75

Transportation: $484.61

Extra Money: $146.22

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Brett's New Home

Brett recently purchased his first home. He will be paying $1363.53 a month for his house. It is a 3000 sqft. home with 4 beds, 2 Full/2 Half baths. His address is: 12614 SLATER Street Overland Park KS, 66213. Here's a few pictures!
This house was worth $269,950 with his monthly budget being 2916.66 and his monthly expenses (before house payment) that left him 1510.75 dollars a month to pay for his home. Brett calculated that his payment for this home to be 1314.59 dollars. That will give him around an extra $200 to spend per month.

Works Cited

Average Cost of Insurance: Car, Home, Renters, Health, and Pet (2015). (n.d.). Retrieved December 10, 2015, from http://www.valuepenguin.com/average-cost-of-insurance#car-insurance-rates-by-age

Budget for Entertainment Costs | ClearPoint Credit Counseling (CCCS). (2013, March 12). Retrieved December 10, 2015, from http://www.clearpointcreditcounselingsolutions.org/budget-for-entertainment-costs/

Fuel Cost Calculator. (n.d.). Retrieved December 10, 2015, from http://fuelgaugereport.aaa.com/fuelcostcalculator/

Official USDA Food Plans: Cost of Food at Home at Four Levels, U.S. Average, July 20 1 4. (2014). Retrieved December 10, 2015, from http://www.cnpp.usda.gov/sites/default/files/usda_food_plans_cost_of_food/CostofFoodJul2014.pdf

What is the average monthly cellphone bill? (n.d.). Retrieved December 10, 2015, from http://www.ask.com/technology/average-monthly-cellphone-bill-94fb6916ceeef8e9