Finance Project

Hour 5 PreCalc Finance Project

total income

income is $30000

tax is 6.25%

actual annual income is $28125

monthly income is $2343.75

cost of living

student loan

Total amount: $20000

interest rate: 6.80%

monthly payment: $230.16

total actual payment: $2761.92


food - 300

gas - 250

car insurance - 200

utilities - 150

cell phone - 50

entertainment costs - 250


Total monthly payment (except for house payment)

$1430.16


remained (available money to buy house)

$913.59


House

Link to house

http://www.realtor.com/realestateandhomes-detail/15338-S-Summertree-Ln_Olathe_KS_66062_M78053-44505

total price - $160000

monthly payment - $817

interest rate - 3.96%

total actual payment - $294120


Stock

monthly income: $2343.75

total monthly payment: $2247.16

savings: $96.59

15% increase in monthly payments

after 15%: 817(1.15)= $939.55
total payment: $235409
money saved: 294120 - 235409 = $58711
time saved: 30 - 20.88 = 9.12 years
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