Tyler and Brittany got married six months ago, and they both have good jobs coming out of
Question:
Tyler and Brittany got married six months ago, and they both have good jobs coming out of college. Tyler landed a marketing job with a communications company making a starting salary of $40,000 take-home pay per year. Brittany began her career as a first-grade teacher’s aide for the local school district making $10.00 per hour after taxes for 30 hours a week. After their wedding, they each purchased new vehicles, complete with car loans. Tyler’s payments on his new truck are $488 per month, and Brittany is leasing her new compact car for nothing down and $239 per month for the next three years. They are also thinking about buying a new home with a monthly mortgage payment of $1,850. After figuring in monthly expenses, they realize that there isn’t much leftover at the end of the month.
If they continue their spending habits, predict what their financial state will be in two years from now.
Should Tyler and Brittany make any changes to their budget?
If so, what?
If they didn’t purchase a home right now, how would their financial life look in two years?
Are there other options that Tyler and Brittany have for transportation instead of making payments on two new vehicles?
Applied Statistics for Public and Nonprofit Administration
ISBN: 978-1285737232
9th edition
Authors: Kenneth J. Meier, Jeffrey L. Brudney, John Bohte