Harper's Journey into Adulthood

Elora Sommerauer Hour 1

Harper's Money Life

Scenario #2:

Salary of $70,000

Paying off $35,000 in student loans.

Car payment of $325 per month.

Salary: $70,000

After tax: $49,000

Per month: $4,083.33

Student loan payment: $402.78 per month

Monthly budget:

Car insurance: $49.17

Student loan: $402.78

Food: $283.28

Utilities: $115

Cellphone: $71 per month

Gas/transportation: $389

Entertainment/other: $427

Total monthly expenses: $1,737.23 per month

Budget for House: $2,346.10 possible monthly budget

Mortgage interest rate: 3.98%

Harper can afford: $492,605.98

· Harper will purchase a townhouse on 14845 Meadow Lane, Leawood, KS 66224 for $329,000

Actual Monthly payment on the house: $1,566.90

Over the course of the loan Harper will pay: $235,084 in interest.

If Harper increased her monthly payment by 15%, she would save…

New payment: $1,801.94

How long will it take Harper to pay off the new amount?

It will take 23 years and 4 months to pay off the new amount.

Difference in total amount paid: $57,883.02

Harper buys a Cat from Wayside Waifs: Frankie is $50

Litter box- $25

Kitty Litter- $30

Cat food- $62.28

Cat toys- $10

Vet bills- $250

Total: $ 427.28 a year


Cellphone bill:

Tuttle, B. (2012, October 18). Why You're Probably Paying Double the 'Average' Cell Phone Bill. Retrieved December 8, 2015, from http://business.time.com/2012/10/18/47-a-month-why-youre-probably-paying-double-the-average-cell-phone-bill/


Average amount spent on groceries for one person per month. (n.d.). Retrieved December 8, 2015, from http://www.loweryourspending.com/average-amount-spent-on-groceries-for-one-person-per-month.html

Car Insurance:

How much is the average monthly car insurance premium payment? (2015). Retrieved December 8, 2015, from http://www.carinsurancecomparison.com/what-is-the-average-monthly-car-insurance-payment/


Vohwinkle, J. (2014). Poll: How Much Do You Spend on Utilities Each Month? Retrieved December 8, 2015, from http://genxfinance.com/poll-how-much-do-you-spend-on-utilities-each-month/


Statistic Brain. (2015). Retrieved December 8, 2015, from http://www.statisticbrain.com/what-consumers-spend-each-month/

Mortgage Interest Rate:

Find the best mortgage rates in Kansas. (n.d.). Retrieved December 8, 2015, from http://www.bankrate.com/kansas/mortgage-rates.aspx


14845 Meadow Ln, Leawood, KS 66224 | Zillow. (n.d.). Retrieved December 9, 2015, from http://www.zillow.com/homes/for_sale/Leawood-KS-66209/townhouse_type/2102847105_zpid/87125_rid/1-_beds/2-_baths/200000-_price/739-_mp/priced_sort/38.929068,-94.582114,38.871022,-94.693694_rect/13_zm/?3col=true

Wayside Waifs Cat:

Pet_details_cat - Wayside Waifs. (n.d.). Retrieved December 10, 2015, from http://www.waysidewaifs.org/site/PageServer?pagename=Pet_detail_cat_new&petid=30134646