Scenario 3

Hour 6 PreCal Finance Project By Jason Byrne

Jenny's Monthly Payment Including Rationale

From the starting salary to taxes, student loans, and car payment, Jenny can afford to pay $1,119.84 monthly.

Including the rationale, totaling to about $723.91, she can afford around $416.09 per month.

Interest Rate and Total Amount Jenny can Borrow including Rationale

On February 5, 2016, Wells Fargo's fixed interest rate for a 30 year fixed rate loan was 3.875%.

Using the interest rate, Jenny can barrow $238,143.70.

Including rationale, she can borrow $88,485.15.

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This is the House Jenny is Going to Buy

4216 Merriam Dr,

Shawnee, KS 66203

Increasing The Minimum Monthly Payment

The minimum monthly mortgage payment for the house is around $387.00 per month.

If Jenny decided to increase the minimum monthly payment by 15% or $445.05, then she would save (360-296) 64 months in time and (160,218-139,320) $20,898 in money.