This is Ben’s budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. For a 30-year mortgage, Ben

This is Ben’s budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. For a 30-year mortgage, Ben gets a 5% interest rate. Calculate his monthly payments for this 30-year mortgage, after the 20% down payment. Transcribed Image Text: Monthly Income
Monthly Expenses
ITEM
AMOUNT
ITEM
Column1
AMOUNT
Income Source 1
$2,000.00
Rent
$800.00
Cell phone
$100.00
Groceries
$200.00
Car payment
$273.00
Auto expenses
$120.00
Student loans
$250.00
Credit cards
$100.00
Auto Insurance
$78.00
Personal care
$50.00
Entertainment
$100.00
Miscellaneous
$50.00

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