Jenny went to college for two years, and then dropped out. Unfortunately, by the time she dropped out of college, she had $20,000 in student loans. She has been working as a bank teller for the last three years. Her salary is $40,000. She also has a car payment of $230 per month. She is excited to buy her first home.
Approximately 30% of your annual salary goes to taxes.
Student loans must be paid back in 10 years. The current interest rate on a student loan is 6.8%.
Minimum Monthly Payment
Jenny Is Happy with Her New Home
(2013, December 31). Reece & Nichols: Home Match Retrieved from http://www.reeceandnichols.com/homes-for-sale/KS/Overland-Park/66204/7522-EBY-Avenue-106579763.
(2013, December 31). Dollar Signs [Monograph]. Retrieved from http://blogs.mcall.com/.a/6a00d8341c4fe353ef0147e233487c970b-popup.