Pre-Calculus Finance Project
Chetan Parthiban
Scenario 2
House Price Range
$350,000 - 410,000
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