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1. Walter and Marcie Jensen of Atlanta, Georgia, b...




1. Walter and Marcie Jensen of Atlanta, Georgia, both of whom are in their late 20s, currently are renting an unfurnished two-bedroom apartment for $880 per month, plus $130 for utilities and $34 for insurance. They have found a condominium they can buy for $170,000 with a 20 percent down payment and a 30-year, 5 percent mortgage. Principal and interest payments are estimated at $730 per month, with property taxes amounting to $150 per month and a homeowner's insurance premium of $720 per year. Closing costs are estimated at $3200. The monthly home-owners association fee is $275, and utility costs are estimated at $160 per month. The Jensens have a combined income of $57,000 per year, with take-home pay of $4100 per month. They are in the 15 percent tax bracket, pay $225 per month on an installment loan (ten payments left), and have $39,000 in savings and investments outside of their retirement accounts."


Paper#13657 | Written in 18-Jul-2015

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