Carol Jones, a single person, has an annual income of $32,200. The principal and interest payment on the $25,000 loan (30 years at 8%) for her condominium is $7.34 per $1000. Annual property taxes are $1,200 and insurance is $280 a year.
Ms. Jones would like to purchase a larger unit in a new high rise, but her monthly principal and interest will increase to $330.30, plus annual taxes will be $2,100. Interest on the $45,000 will be 8% as rates are lower than when she purchased her present condominium.
In 200-250 words, given Ms. Jones situation as described here, answer and discuss the following:
Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references.
In 200-250 words, given Ms. Jones situation as described in Discussion 12, would you advise her to purchase the new home? Considering the investment from strictly the market place aspect are high rise condos selling in your area? Analyze the situation and discuss what you think Ms. Jones should do. Give reasons for your answer. Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references.
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