Finance Project Scenario 2
Ellie Bodker hour 6
Income
= $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
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/
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