Finance Project
Maggie Banks
Monthly Payment
Jenny is left with $1,873.17 per month after deducting student loans, car payments, and taxes. If Jenny follows Fox Business's News advice and does not exceed the recommended 28% of monthly income on a mortgage, she can put $524.49 towards her house per month.
Total Amount
On a 30-year fixed loan with a 4.625% rate Jenny is able to spend $102,013.17 on her house.
Minimum Payment
The house Jenny chose cost $101,000 so her minimum monthly payment would be $519.28. If she pays this amount she will pay off her loan in the 30 years.
Increased Principle
Work Cited
Kaysen, R. (29 Aug. 2013). Buying a House: How Much Can You Afford?. www.foxbusiness.com