Jenny Is Buying a House
Jenny's Finances
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.
Refrences
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