Monthly Income Monthly Expenses ITEM AMOUNT ITEM - Column1 VAMOUNT Income Source 1 $2,000.00 Rent $800.00 Cell phone $100.00 Groceries $200.00 Car payment $273.00 Auto expenses $120.00 Student loans $250.00 Credit cards $100.00 Auto Insurance $78.00 Personal care $50.00 Entertainment $100.00 MiscellaneoUS $50.00
This is Ben’s budget. Use his budget to determine the answer to the following questions:
1. Calculate Ben’s total amount of monthly expenses.
2. Calculate Ben’s total net income.
3. What would you recommend Ben do regarding his budget so that he is not in the red?
4. Scenario: Suppose Ben wants to buy a house for $251,599. Calculate his 20% down payment for this home.
5. Scenario: Suppose Ben wants to buy a house for $251,599. For a 15-year mortgage, Ben gets a 4% interest rate. Calculate his monthly payments for this 15-year mortgage.
6. Scenario: Suppose Ben wants to buy a house for $251,599. For a 30-year mortgage, Ben gets a 5% interest rate. Calculate his monthly payments for this 30-year mortgage.
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