587 virginia ave ne apt 806

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EXERCISE 2

 Film Producer

Starting Salary: $66,599

Location: Atlanta, GA

Average Film/TV Producer Salary. (n.d.). Retrieved July 19, 2019, from https://www.payscale.com/research/US/Job=Film/TV_Producer/Salary

Income Taxes Breakdown

Tax Type Marginal Tax Rate Effective Tax Rate Taxes

Federal 25.00% 11.94% $7,951

FICA 7.65% 7.65% $5,095

State 6.00% 5.06% $3,368

Local 0.00% 0.00% $0

Total Income Taxes 24.65% $16,414

Income After Taxes $50,185

Federal Income Tax Plus FICA : $13,046

Monthly income: $4,182.08 Monthly Expenses

Rent $1,778

Food $500

Apartment in Atlanta Internet $90

Gas $300

$1,778 / mo Utilities $150

Health Insurance (estimated) $440

1 bed Car Insurance $125

1 bath Spending $200

783 sqft Cell Phone $80

Downpayment: $355.60 Savings $519.08

Zillow, Inc., & Zillow, Inc. (n.d.). Ayla Apartment Rentals - Atlanta, GA. Retrieved July 19, 2019, from https://www.zillow.com/b/ayla-atlanta-ga-65XDqb/

Future Condo After Apartment (Atlanta)

Condo Price $332,900

Zillow, Inc. (n.d.). 587 Virginia Ave NE APT 806, Atlanta, GA 30306. Retrieved July 20, 2019, from https://www.zillow.com/homedetails/587-Virginia-Ave-NE-APT-806-Atlanta-GA-30306/2087910320_zpid/

30 Year Fixed 15 Year Fixed

Down Payment 20% $66,850 Down Payment 20% $66,850

RATE 3.25% RATE 3.13%

APR 3.42% APR 3.15%

MO. PAYMENT $1,184 MO. PAYMENT $1,855

CREDIT $639 LENDER FEES $466

Zillow, Inc. (n.d.). Get Customized Loan Quotes From Zillow. Retrieved July 20, 2019, from https://www.zillow.com/mortgage-rates/quotes/?auto=true&loantype=purchase&zip=26201&value=332900&cscore=720-739&va=true&type=SingleFamilyHome&use=Primary&down=60000#request=ZR-QHQBSYKW

11 Years (at the very least) To Save For A Down Payment Monthly Expenses 15 Year Fixed

Savings A Month: $519.08 Monthly Payment $1,855

$519.08 x 12= $6,228.96 Food $500

Internet $90

Savings A Year: $6,228.96 Gas $300

$6,228.96 x 12= 68,518.56 Utilities $200

Fees depend on loan. For this instance, I chose a 15 year fixed loan. So, the extra fee, in addition to the down payment, would be $466. Health Insurance (estimated) $440

Car Insurance $125

*RESULTS VARY DEPENDING IF SALARY CHANGES* Spending $200

Salary, in this instance, would probably be higher after this amount of time. Cell Phone $80

HOA $250.00

Savings $100

Spending $42.08