Unit Activity: Mathematical Models and Consumer Finance Part A Jenna’s monthly monetary income is $1,200. Her total spending last month was $1,400. Why would Jenna need a budget? 15px Space used (includes formatting): 0 / 15000 Part B Maria has $3,000 in the bank, has a home worth $150,000, and has a $75,000 home loan. She also has $10,000 in investments and a $15,000 student loan. What is Maria’s net worth? Show your work. 15px Space used (includes formatting): 0 / 15000 Part C Nina is trying to decide between two jobs. The first job pays $10 an hour. The second job offers a $20,000 a year salary, which would equal a gross pay of $769 every two weeks. Nina would work 40 hours a week at both jobs. Nina decides to take the salaried job because she thinks it pays better. Evaluate Nina’s decision. Explain your answer. 15px Space used (includes formatting): 0 / 15000 Part D Lola is 15 years old and works in a factory every weekend. Why might this be illegal? What are the specific laws protecting Lola’s rights? 15px Space used (includes formatting): 0 / 15000

Unit Activity: Mathematical Models and Consumer Finance Part A Jenna’s monthly monetary income is $1,200. Her total spending last month was $1,400. Why would Jenna need a budget? 15px Space used (includes formatting): 0 / 15000 Part B Maria has $3,000 in the bank, has a home worth $150,000, and has a $75,000 home loan. She also has $10,000 in investments and a $15,000 student loan. What is Maria’s net worth? Show your work. 15px Space used (includes formatting): 0 / 15000 Part C Nina is trying to decide between two jobs. The first job pays $10 an hour. The second job offers a $20,000 a year salary, which would equal a gross pay of $769 every two weeks. Nina would work 40 hours a week at both jobs. Nina decides to take the salaried job because she thinks it pays better. Evaluate Nina’s decision. Explain your answer. 15px Space used (includes formatting): 0 / 15000 Part D Lola is 15 years old and works in a factory every weekend. Why might this be illegal? What are the specific laws protecting Lola’s rights? 15px Space used (includes formatting): 0 / 15000

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter3: Financial Statements, Tools, And Budgets

Section: Chapter Questions

Problem 3FPC

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3. Frank decides he better make a budget! Use the following information to calculate his budget. Frank has net income of $45 000 a year. This table shows his expenses. Expense Amount Student loan payments $115/every 2 weeks Mortgage Insert from above Food $75/week Cell phone plan $69/month Utilities $40/every 2 weeks Car lease $305/month including maintenance) Gasoline $65 every 2 weeks on average Miscellaneous $125/every 2 weeks a) Use the data provided to design a monthly budget for Frank. Show your calculations and indicate whether each expense or income is fixed or variable. b) How much can Frank save in a 3-month period? Show your calculations. c) Is there something Frank is forgetting in his budget? What would you recommend for changes?
Merita is shopping for a new car. She checked her budget, and is comfortable with a car payment of $425 per month. She has good credit and hopes to secure a 5-year loan at 3.15% interest. What is the maximum amount she should pay for a car to stay within her monthly payment amount. A: $ 23,564 B: 25,500 C: $23,250 D: $24,362
A couple purchasing a home budget $1,800 per month for their loan payment. If they have $25,000 available for a down payment and are considering a 25-year loan, how much can they spend on the home at each of the following rates? (Round your answers to the nearest cent.) 1) 6.3% compounded monthly 2) 7.2% compounded monthly
A couple purchasing a home budget $1000 per month for their loan payment. If they have $25,000 available for a down payment and are considering a 25 year loan, how much can they spend on the home at each of the following rates? (Round your answers to the nearest cent.) A.) 6.3 compounded monthly B.) 7.8 compounded monthly
2. William is paid semi-monthly. He earns $1024 every pay period. The list shows his expenses: Rent: $450/month Car Insurance $105/month Groceries: $60/week Clothes $85/month Gifts: $25/month a) Design a monthly budget for William. Total Balance Income ($) Gasoline: $40/week Car Maintenance: $30/month Laundry: $8/week Entertainment: $30/week Savings: 10% income/month b) Explain the meaning of his monthly balance. Total Expenses ($)
Problem 8: Oliver is just starting his last year of high school. He has take-home pay of $275 bi-weekly from a part-time job. He lives at home and pays $30 per week for room and board. His other expenses are: • $30 per month for a cell phone • $25 per week for entertainment $70 bi-weekly for miscellaneous items Create a monthly budget for Oliver using the spreadsheet template. How much money can he save each month?
Help me please
You friend wants you to look over their finances. 4 weeks equals 1 month. What is the monthly cash flow? Income : $100 week babysitting $3000 twice a year from scholarships $ 237 a month tutoring Expenses : $4200 twice a year for tutition and fees $ 575 month for apartment $ 100 week for food $ 110 week on entertainment
Step 1: Working out your budget. You have a down payment of $1000, and interest rate of 6%/a compounded monthly for 5 years. Your budget is $350/month. Calculate the maximum price of the car you can afford. R[1-(1+i) Hint: Use PV = (upload a picture of the calculations and paste here, or use insert equation to show all steps in the calculation) Calculate 75% of your budget. (write 75% of your budget here).
Trevor and Kristen Hill need to prepare a cash budget for the next three months to make sure that they can cover their expenditures during the period. Trevor and Kristen have tracked their finances for the past few years using an app, and thus know what percentage of their take-home pay of $5500 goes for various expenses. Expenses Housing Utilities Food Transportation Medical/dental Contributions Clothing (3% normally; $450 in Month 3) Property Taxes ($1260, Month 2 only) Appliances Personal Care Travel and Entertainment (6%; $1400 in Month 3) Other Savings 29.0% 5.0% 9.5% 6.0% 5.0% 10.5% 3.0% a. 1.0% 2.0% 6.0% 5.0% 7.5% The Hills must maintain a $1500 cash balance to avoid checking fees; however, the balance on March 31, 2021 was $1300. Their savings account balance on March 31 was $20,000. Prepare a quarterly cash budget for Trevor and Kristen for the next three months. b. Using your calculations, show the monthly inflows and outflows and the end-of-month balances for the Hills…
Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her loan requires a 25% down payment and equal monthly payments of $289.00 for 60 months. Calculate the total deferred payment price (in $). $ Need Help? Read It Watch It Master It