Determine how much money the Van Dusens will have available

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Problem - 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 month for utilities.

For each option, determine how much money the Van Dusens will have available each month for savings.

Reference no: EM133040800

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