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Name:
FIN101: A#2-Assignment #2
$ per/hr
PT Hours
B. Hopeful
S.Hopeful
Total
Income
Gross Combined Income
Combined Take Home Pay
May
Apr
Total
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$61,800
$650
$650
$650
$650
$650
$650
$650
$650
$650
$650
$650
$650
$7,800
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$2,400
$20,782
$275
$170
$275
$170
$275
$170
$275
$170
$275
$170
$275
$170
$275
$170
$275
$170
$275
$170
$275
$170
$275
$170
$275
$170
$3,300
$2,040
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$781
$416
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$1,896
$3,292
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$3,370
$1,113
$2,400
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$1,440
$1,020
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$840
$900
$95
$15
$95
$15
$95
$15
$95
$15
$95
$15
$95
$15
$95
$15
$95
$15
$95
$15
$95
$15
$95
$15
$95
$15
$1,140
$180
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$1,860
$5,400
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$240
$360
$30
$85
$30
$85
$30
$85
$30
$85
$30
$85
$30
$85
$30
$85
$30
$85
$30
$85
$30
$85
$30
$85
$30
$85
$360
$1,020
$35
$25
$35
$25
$35
$25
$35
$25
$35
$25
$35
$25
$35
$25
$35
$25
$35
$25
$35
$25
$35
$25
$35
$25
$420
$300
$5,423
$5,423
$5,423
$5,423
$5,423
$5,423
$5,423
$5,423
$5,423
$5,423
$5,423
$5,423
$65,070
Surplus / (Deficit)
-$273
-$273
-$273
-$273
-$273
-$273
-$273
-$273
-$273
-$273
-$273
-$273
-$3,270
Total Savings/(Debt)
-$273
-$545
-$818
-$1,090
-$1,363
-$1,635
-$1,908
-$2,180
-$2,453
-$2,725
-$2,998
-$3,270
Expenses
Contributions
Car payments
Mortgage
Utilities
Gasoline
Medical Bill
Credit card 2
Credit card 1
Credit card 3
Credit Union Loan
Gas credit card
Medical Insurance
Car Insurance
Cellphone
Insurance (life)
Home Phone Service
Cable TV
Gifts
Lessons for children
Groceries
Dry cleaning
Miscelaneous
Laundry
Bowling League
News paper
Internet
Total Expenses
Jun
Jul
Aug
Sep
Oct
Income Calculations
Salary FT Hours
FT Salary Aug Salary
$4,800
$350
5150
$5,150
Nov
Dec
Jan
Feb
Mar
Based on their projected budget, list 3 suggestions for Todd and Melanie
1. Lower the amount of money they spend on entertainment, which includes not going on a vacation and spending less money on clothes.
3. They can save more money on their repairs by selling the car and buying a new one when they have saved enough money.
Name:
FIN101: A#2-Assignment #2
$ per/hr
PT Hours
B. Hopeful
S.Hopeful
Total
Income
Gross Combined Income
Combined Take Home Pay
May
Apr
Total
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$5,150
$61,800
$615
$615
$615
$615
$615
$615
$615
$615
$615
$615
$615
$615
$7,380
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$200
$1,732
$2,400
$20,782
$275
$0
$275
$0
$275
$0
$275
$0
$275
$0
$275
$0
$275
$0
$275
$0
$275
$0
$275
$0
$275
$0
$275
$0
$3,300
$0
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$65.07
$34.67
$781
$416
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$158.00
$274.37
$1,896
$3,292
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$280.85
$92.72
$200
$3,370
$1,113
$2,400
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$120
$85
$1,440
$1,020
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$70
$75
$840
$900
$95
$0
$95
$0
$95
$0
$95
$0
$95
$0
$95
$0
$95
$0
$95
$0
$95
$0
$95
$0
$95
$0
$95
$0
$1,140
$0
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$155
$450
$1,860
$5,400
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$20
$30
$240
$360
$30
$0
$30
$0
$30
$0
$30
$0
$30
$0
$30
$0
$30
$0
$30
$0
$30
$0
$30
$0
$30
$0
$30
$0
$360
$0
$0
$25
$0
$25
$0
$25
$0
$25
$0
$25
$0
$25
$0
$25
$0
$25
$0
$25
$0
$25
$0
$25
$0
$25
$0
$300
$5,083
$5,083
$5,083
$5,083
$5,083
$5,083
$5,083
$5,083
$5,083
$5,083
$5,083
$5,083
$60,990
Surplus / (Deficit)
$68
$68
$68
$68
$68
$68
$68
$68
$68
$68
$68
$68
$810
Total Savings/(Debt)
$68
$135
$203
$270
$338
$405
$473
$540
$608
$675
$743
$810
Expenses
Contributions
Car payments
Mortgage
Utilities
Gasoline
Medical Bill
Credit card 2
Credit card 1
Credit card 3
Credit Union Loan
Gas credit card
Medical Insurance
Car Insurance
Cellphone
Insurance (life)
Home Phone Service
Cable TV
Gifts
Lessons for children
Groceries
Dry cleaning
Miscelaneous
Laundry
Bowling League
News paper
Internet
Total Expenses
Jun
Jul
Aug
Sep
Oct
Income Calculations
Salary FT Hours
FT Salary Aug Salary
$4,800
$350
5150
$5,150
Nov
Dec
Jan
Feb
Based on their projected budget, list 3 suggestions for Brother and Sister Hopeful
1. No need of news paper, bowilg league out, and gifts.
sell one of the cars. Once they do that, they wont have to pay for gas and the money they get from that can go to retirement.
Mar
Period
Interest Rate
Profit Sharing (401k)
Employers contributes $150.00 a month for a 401k for the next 30 years with an interest rate of 9%.
30
9%
$
150.00
$274,611.52
$5,200.00
$1,969.78
$1,000.00
$6,000.00
$12,619.08
$1,876.97
$19,225.00
$49,612.40
$119,412.57
28
$200.00
24
$92.72
36
$34.67
48
$158.00
60
$274.37
36
$65.07
84
$280.85
142
$582.82
147 $1,149.00
$5,600.00
$2,225.28
$1,248.12
$7,584.00
$16,462.20
$2,342.52
$23,591.40
$82,760.44
$168,903.00
Total Debt
$216,915.80
$2,837.50
$310,716.96
$8,107.14
$97,285.71
1.
2.
3.
4.
Develop a budget
Cut up the credit cards
Find an extra $50 / month
Put together a "roll over plan"
Debt
Rate
Car Loan
Gas Credit
Credit Car
Credit Car
Credit Car
Medical Bill
Credit Uni
Mortgage #
Mortgage #
7.0%
12.0%
15.0%
12.0%
11.0%
15.0%
6.0%
9.5%
6.0%
Total Debt
Principal# of Pmts
$ / mth
$5,200.00
$1,969.78
$1,000.00
$6,000.00
$12,619.08
$1,876.97
$19,225.00
$49,612.40
$119,412.57
28
$200.00
$5,600.00
24
$92.72
$2,225.28
36
$34.67
$1,248.12
48
$158.00
$7,584.00
60
$274.37 $16,462.20
36
$65.07
$2,342.52
84
$280.85 $23,591.40
142
$582.82 $82,760.44
147 $1,149.00 $168,903.00
$216,915.80
$2,837.50 $310,716.96
$8,107.14
$97,285.71
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$30.33
$29.05
$27.76
$26.47
$25.16
$23.85
$22.53
$21.21
$19.87
$18.53
$17.18
$15.82
$14.45
$13.08
$11.70
$10.31
$8.91
$7.50
$6.09
$4.67
$3.23
$1.79
$0.35
$4,980.33
$4,759.39
$4,537.15
$4,313.62
$4,088.78
$3,862.63
$3,635.16
$3,406.37
$3,176.24
$2,944.76
$2,711.94
$2,477.76
$2,242.22
$2,005.30
$1,766.99
$1,527.30
$1,286.21
$1,043.71
$799.80
$554.47
$307.70
$59.50
($190.16)
$7,535.71
$90,428.57
12
13
14
15
16
17
18
19
20
21
22
23
24
$92.72
$92.72
$92.72
$92.72
$92.72
$92.72
$92.72
$92.72
$92.72
$92.72
$92.72
$92.72
$342.72
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