Johnny has just accepted a new job paying $55,000 a year in Maryland. His take home pay after taxes will be $38,462. He wants to start planning his budget for a whole year. He worked while he was in school, but he still borrowed $5,000 every year and it took him 5 years to graduate. The student loan terms allow him 20 years to repay with a 6% interest rate. (PMT = 179.11; he could save almost $14k if he could pay it off in 5 years) + Average bills: Comcast Baltimore Gas & Electric T-Mobile Auto Insurance Car Payment Rent Student loan $125 $150 $75 $300 $300 $1500 $180 Monthly Monthly Monthly Quarterly Monthly Monthly Monthly 24 payments left 240 payments left (To pay off in 5 years, he would pay $483.33) Renter's insurance Eating (groceries & dining out) Miscellanous Clothing Gas Household Infrequent costs Taxes, Social Security & Medicaid $200 $125 $20 $600 $40 $50 $500 $11600 Annually | Weekly Weekly Annually Every 2 weeks Monthly Annually Annually What do you think of Johnny's financial situation now and what advice would you give him? Assume he is single and has no children, 22 years old, and not expecting to be married before he turns 30. Johnny has just accepted a new job paying $55,000 a year in Maryland. His take home pay after taxes will be $38,462. He wants to start planning his budget for a whole year. He worked while he was in school, but he still borrowed $5,000 every year and it took him 5 years to graduate. The student loan terms allow him 20 years to repay with a 6% interest rate. (PMT = 179.11; he could save almost $14k if he could pay it off in 5 years) + Average bills: Comcast Baltimore Gas & Electric T-Mobile Auto Insurance Car Payment Rent Student loan $125 $150 $75 $300 $300 $1500 $180 Monthly Monthly Monthly Quarterly Monthly Monthly Monthly 24 payments left 240 payments left (To pay off in 5 years, he would pay $483.33) Renter's insurance Eating (groceries & dining out) Miscellanous Clothing Gas Household Infrequent costs Taxes, Social Security & Medicaid $200 $125 $20 $600 $40 $50 $500 $11600 Annually | Weekly Weekly Annually Every 2 weeks Monthly Annually Annually What do you think of Johnny's financial situation now and what advice would you give him? Assume he is single and has no children, 22 years old, and not expecting to be married before he turns 30