Finance Project: Shalice Lott
13002 S AZTEC Circle Olathe KS, 66062
Background About Harper
Harper has an annual salary of $70,000. Thirty percent of that salary goes to taxes. As a result, Harper actually receives $49,000 annually. She also has $35,000 in student loans, and a car payment of $325 per month. With all of these things accounted for, she was able to find a home that fits her financial situation. Within 3 months she was able to pay the down payment of this home.
MONEY AVAILABLE WITH HOUSE PAYMENT INCLUDED
$812.08 X 15% increase = $121.81
$121.81 + $812.08 = $933.90
If $933.90 was the monthly payment, it would take 22 years to pay off the loan. Which would save Harper $45, 799.20.
LOAN EQUATION ^
(N.d.) Reece and Nichols. http://www.reeceandnichols.com/homes-for-sale/KS/Olathe/66062/13002-S-AZTEC-Circle-96191513
(N.d.) Bank of America. https://www.bankofamerica.com/home-loans/mortgage/overview.go