Finance Project Scenario 2

Ellie Bodker hour 6

Income

$70,000 (income) - $13,294 (taxes)

= $56,706 (starting amount to spend)

Home

Total Price: $250,000

Interest Rate: 3.935%


Down Payment: 20% = $50,000

Monthly Payment: $947/month (30 years)

Monthly Payment: $1089/month (24 years) saves $34,502

Insurance: $150




Website used to find interest rate on Feb 20th:


Homes For Sale. (2015, February 10). Retrieved March 20, 2015, from http://www.realtor.com/realestateandhomes-detail/17445-S-Raintree-Dr_Olathe_KS_66062_M83456-91837?row=48

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Car

2015 Tuxedo Black Ford Escape


Total Price: $21,355

Cost of loan: $325 per month

20% down at 60 months and 7% interest

Car Insurance: $70 per month

Gas: 90


Website used to find car and got an estimate from calling Allied Insurance for the cost of monthly insurance:


New Ford Escape Inventory. (n.d.). Retrieved March 20, 2015, from http://allanvigilford.com/Atlanta/For-Sale/New/Ford/Escape/2015-S-Black-SUV/36665714/

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Student Loans

Total: $35,000

Monthly Payment: $65 (for 8 years)

Other Costs

Utilities: 300

Necessities: 250

Clothing: 500

Food: 950

Activities: 100

Travel: 1000


$1,959 leftover for savings