Finance Project
By: Jenny Johnson
Food
Monthly expense for groceries
Transportation
Monthly expense for gas ($100) also the $450 monthly car payment
Insurance
Monthly rate for insurance
Utilities
Monthly bill for utilites
Cellphone
Monthly bill for cellphone
Miscellaneous
Entertainment and other variable expenses such as clothes
Price Range for Homes
Ideal prices for housing to stay in my budget
Monthly Payment Afforded
Monthly payment afforded after taking out monthly expense as well as $449.67 to use as "savings" each month
Interest Rate for Mortgage
Two bedroom townhouse in Overland Park, KS.
Price of House
Price of house
Monthly payment
N: 360
I: 3.65%
PV: 129,500
PMT: (solved) -592.41
FV: 0
Total Payed in Interest
Monthly Payment x number of months = P
P - House Price = total interest
592.41 x 360 = 213,267.60
213,267.60 - 129,500 =83,767.60
First Year Amortization Table
I created this document by plugging the equations in on a spread sheet with Microsoft Excel then plugging in the numbers into a chart on Microsoft Word, I also rounded each number to the nearest hundredth.
Excel Spreadsheet
Here is a screenshot of my spreadsheet that I used for the table
Excel Spreadsheet with Formulas
Here is a screenshot that shows the formulas that I used to get the numbers in the table