Finance Project

Ben Cooper

Scenario 1

Brent is a construction fore man who did not attend college. He is 24 years old, and earns an annual salary of $50,000. He just purchased a $23,000 car with a 6.50 % 5 year car loan. He wants to buy his first home in the next few months. After taxes, he has $35,000 to spend a year.

Monthly Payments

Car Payment/Insurance: $563.02
Food: $303.30
Gas: $60.99
Utilities: $300.00
Cell Phone: $70.00
Entertainment: $200
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Brent's Home

After all of his monthly payments Brent has $272,091.87 as a possible budget for a new home. He will purchase his new home at a price of $250,000 in order to not max his budget. His monthly payment for this home will be $1304.12.
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This is Brent's brand new remodeled home! It has a total of 11 rooms with 4 bedrooms for when family comes in town. It has two spaces in the garage and has three bathrooms. The house is approximately 2,028 square feet and two stories. For whenever Brent has kids, he lives in the fabulous Blue Valley District and the kids will attend Blue Valley High School. His address is 6409 W 151st Place, Overland Park, KS 66223 if anyone wants to visit him!

Saving $$$

Brent decides he wants to save some money so he can save up for a pool. He decides to increase his monthly house payment by 15% so he saves money in the long run. His new payment is now $1499.74. The amount of money he saved doing this was $60,115.37 which was more than enough for him to purchase his brand new above aground pool for $299.99!
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Works Cited

Official USDA Food Plans: Cost of Food at Home at Four Levels, U.S. Average, July 20 1 4. (2014, July 1). Retrieved December 10, 2015, from http://www.cnpp.usda.gov/sites/default/files/usda_food_plans_cost_of_food/CostofFoodJul2014.pdf

AAA's Daily Fuel Gauge Report. (n.d.). Retrieved December 10, 2015, from http://www.fuelgaugereport.com/

Average Cost of Insurance: Car, Home, Renters, Health, and Pet (2015). (n.d.). Retrieved December 10, 2015, from http://www.valuepenguin.com/average-cost-of-insurance

How to Estimate the Cost of Utilities. (2010, July 13). Retrieved December 10, 2015, from http://money.howstuffworks.com/personal-finance/for-new-adults/how-to-estimate-cost-of-utilities.htm

Budget for Entertainment Costs | ClearPoint Credit Counseling (CCCS). (2013, March 12). Retrieved December 10, 2015, from http://www.clearpointcreditcounselingsolutions.org/budget-for-entertainment-costs/

6409 W 151ST Place, Overland Park, KS | MLS 1964638 | Listing Information. (n.d.). Retrieved December 10, 2015, from http://reecenichols2-px.rtrk.com/homes-for-sale/6409-W-151ST-Place-Overland-Park-KS-66223-163862232

Create A Graph. (n.d.). Retrieved December 10, 2015, from http://nces.ed.gov/nceskids/createAgraph/default.aspx?ID=b9435d4a7eb147f5b9f7962da04646c0

Intex 18' x 10' x 42" Oval Frame Pool Set. (n.d.). Retrieved December 10, 2015, from http://www.target.com/p/intex-18-x-10-x-42-oval-frame-pool-set/-/A-16747573