Pre-Calculus Finance Project

Chetan Parthiban

Scenario 2

House Price Range

$350,000 - 410,000


Big image

For Sale - $369,950

Minimum Monthly Payment - $1848.20

Income

Total Salary - $70,000

Tax - 30% _

Income - $49,000


Monthly Income - $4083.33


Car Payment

$325


Student Loan

Total Amount Left - $35,000


Years Paid - 2

Interest Rate - 6.8%


Current Payment Amount - $473.70

Original Loan Amount - $41,162.91

Max Monthly Payment

Income - $4083.33

Car Expense - $325

Student Loan - $473.70


Max Monthly Payment - $3284.63

Reasonable Payment - $2000

Max Amount Borrowable

Current Interest - 4.38%

Time - 30 years

Payment - 3284.63


Amount - $657,478.00


Reasonable Amount to Borrow

Current Interest - 4.38%


Time - 30 Years

Payment - $2000


Amount - $400,336.11

Adding 15% to Payment

Monthly Original - $1848.20


+ 15% - $2125.43


Original # of Payments - 360

New # of Payments - 277

Time Saved - 83 months


Original Total Cost - $665,352.00

New Total Cost - $588,744.11

Saved Cost - $76,607.89