House Hunting In OP
Hour 2 Mrs. Stein Pre-Calc Project by Humza Sagarwala
Scenario 3
Jenny went to college for two years, and then dropped out. Unfortunately, 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. She also has a car payment of $230 per month. She is excited to buy her first home.
Monthly
Gross Monthly Income- $3,333.33
Net Monthly Income- $2,333.33In reality not 100% of peoples' paychecks are used to pay bills, naturally people spend on basic requirements for human life. In addition to requirements for human life, also is the need to save for a rainy day. These numbers will be accounted for in the final analysis to make it as accurate as possible.
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Food- $549.92 (23.6%)
Entertainment- $217.08 (9.3%)
Savings- $309.75 (%)
Car Payment- $230 (9.9%)
College Payment- $230.16 (9.9%)
Other- $296.42 (12.7%)
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Total Monthly Expenses- $1,833.33
$500 is the amount remaining, and this is the monthly payment Jenny can afford. For the last three years this amount has been added to her savings account.
Price Range
Location Location Location
Increased Principle
References
Home Improvement Review. (n.d). Free Christian Clip Art Image of A House A Home Cropped Image. Retrieved from http://home-improvement-review.com/free-christian-clip-art-image-of-a-house-a-home-cropped-image.html
National Association of Realtors. (2014, January 2). Kansas City MO Mortgage Rates. Retrieved from http://www.zillow.com/mortgage-rates/mo/kansas-city/
Bureau of Labor Statistics. (2013, September 10).Consumer Expenditures 2012. Retrieved from http://www.bls.gov/news.release/cesan.nr0.htm