Jenny Is Buying a House
With the equation above, you are able to find out the minimum payment that Jenny must pay in order to not default on her loan. With this equation, I found that jenny must pay at least $319.28 a month, which leaves her with plenty of money in order to pay for utilities along with possibly starting to save for retirement or start a sinking fund in order to be able to put a down payment on her next house.
MacCallum, C. (2014 January 1). Cham MacCallum Real Estate Group. http://www.findkansascityrealestate.com/homes/6815-W-79th-Street/Overland-Park/KS/66204/34485139/
(2014 January 1). Wells Fargo. https://www.wellsfargo.com/mortgage/rates/
(2014 January 1). Lower Your Spending! Keep You Hard Earned Cash! http://www.loweryourspending.com/average-cost-for-food-per-month-for-one-person.html
(2014 January 1). Answers. http://wiki.answers.com/Q/How_much_does_gas_cost_for_one_person_per_month?#slide=2