The Van Dusens have a combined net annual income of $65 000. They have savings of...
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The Van Dusens have a combined net annual income of $65 000. They have savings of $37 000. Their expenses, not related to housing, are $1850 a month. They are considering two housing options: Option 1: Renting a 2-bedroom apartment for $1800 a month, including all utilities. Option 2: Buying a 2-bedroom townhouse with a down payment of $24 000, bi-weekly mortgage payments of $800, annual property taxes of $2100, and average of $175 a mont for utilities. For each option, determine how much money the Van Dusens will have available each month for savings. The Van Dusens have a combined net annual income of $65 000. They have savings of $37 000. Their expenses, not related to housing, are $1850 a month. They are considering two housing options: Option 1: Renting a 2-bedroom apartment for $1800 a month, including all utilities. Option 2: Buying a 2-bedroom townhouse with a down payment of $24 000, bi-weekly mortgage payments of $800, annual property taxes of $2100, and average of $175 a mont for utilities. For each option, determine how much money the Van Dusens will have available each month for savings.
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SOLUTION For Option 1 Monthly expenses 1800 rent 1850 other expenses 3650 Net monthly income 65000 1... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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