Personal Finance, Student Value Edition Plus MyLab Finance with Pearson eText -- Access Card Package (6th Edition)
6th Edition
ISBN: 9780134426839
Author: Jeff Madura
Publisher: PEARSON
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Chapter 1, Problem 1FPP
Summary Introduction
To discuss: The amount will person J have left each month to put toward savings to reach her financial goals.
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Estimating Savings. Angela's monthly disposable income is $2,063. She has monthly expenses of $1,774
(including recreational expenses of $244) and net cash flow of $289 per month. Angela makes a budget based on her
personal cash flow statement. In two months, she must pay $351 for tags and taxes on her car. How much can
Angela expect to save in the next 12 months?
In the next 12 months, the amount Angela can expect to save is S (Round to the nearest dollar.)
3. What house value can Betty afford? Betty's annual income is $90,000 and
she has monthly credit payments of $500. She is looking for a house
financed by 30 year 6% mortgage with 20% down payment. Property tax
and insurance on the home is expected to be $300 per month. Calculate the
value of the house she can afford.
Michelle is attending college and has a part-time job. Once she finishes college, Michelle would like to relocate to a metropolitan area. She wants to build her savings so that she will have a "nest egg" to start her off. Michelle works out her budget and decides she can afford to set aside
$80
per month for savings. Her bank will pay her
4%
per year, compounded monthly, on her savings account. What will be Michelle's balance in five years?
Chapter 1 Solutions
Personal Finance, Student Value Edition Plus MyLab Finance with Pearson eText -- Access Card Package (6th Edition)
Ch. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - Prob. 17RQCh. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - Prob. 23RQCh. 1 - Prob. 24RQCh. 1 - Prob. 25RQCh. 1 - Prob. 1FPPCh. 1 - Prob. 2FPPCh. 1 - Prob. 3FPPCh. 1 - Prob. 4FPPCh. 1 - Prob. 5FPPCh. 1 - Prob. 6FPPCh. 1 - Prob. 7FPPCh. 1 - Prob. 1FPOE
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