11. You have a net income of$40000/year. Your expenses includethe following:。 Rent: $800/month。 Insurance: $225/semi-annually。 Car Payment: $315/month。 Car Expenses: $1000/year• RRSP: $50/month。 Entertainment: $50/week。 Cell Phone: $75/month。 Food: $500/montha. Create a budget.b. Modify the budget to include a savingsplan of $100/week. *c. You paid off your car and have decidedto buy a house. Your mortgage paymentis now $1050/month. Modify the budgetto reflect this new financial plan.

The given net income yearly, monthly and weekly is as follows:Yearly Income=$ 40,000.00Monthly…

Answered: 11. You have a net income of…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 3R: Review the completed master budget and answer the following questions: Is Ranger Industries...

See similar textbooks

Similar questions

1) the total equal to part 1 is $5,924, calculate what percent of your monthly take-home salary you spend each of your monthly expenses show your work below add these percentages to the third column of the table.
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).
This is Ben’s budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. For a 15-year mortgage, Ben gets a 4% interest rate. Calculate his monthly payments for this 15-year mortgage, after the 20% down payment.
This is Ben's budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. For a 15-year mortgage, Ben gets a 4% interest rate. Calculate his monthly payments for this 15-year mortgage, after 20% down payment. Monthly Income Monthly Expenses IТЕM VAMOUNT ITEM VColumn1 VAMOUNT Income Source 1 $2,000.00 Rent $800.00 Cell phone $100.00 Groceries $200.00 Car payment $273.00 Auto expenses $120.00 Student loans $250.00 Credit cards $100.00 Auto Insurance $78.00 Personal care $50.00 Entertainment $100.00 Miscellaneous $50.00
This is Ben's budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. For a 30-year mortgage, Ben gets a 5% interest rate. Calculate his monthly payments for this 30-year mortgage, after 20% down payment. Monthly Income Monthly Expenses ITEM V AMOUNT ITEM Column1 VAMOUNT Income Source 1 $2,000.00 Rent $800.00 Cell phone $100.00 Groceries $200.00 Car payment $273.00 Auto expenses $120.00 Student loans $250.00 Credit cards $100.00 Auto Insurance $78.00 Personal care $50.00 Entertainment $100.00 Miscellaneous $50.00
This is Ben’s budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. For a 30-year mortgage, Ben gets a 5% interest rate. Calculate his monthly payments for this 30-year mortgage, after the 20% down payment.
(Use Calulator or Formula Approach) After carefully going over your budget, you have determined you can afford to pay $632 per month toward a new sports car. You call up your local bank and find out that the going rate is 1 percent per month for 48 months. How much can you borrow?
Construct a rough retirement budget. Adjust the average social security check of $1,422.00 at 2% inflation until your retirement date. Do the same with your expenses. Determine the difference between expenses and income and then calculate how much you will need to have saved at retirement using the theory that says you will need between 15 and 20 times your projected retirement spending in savings, minus any social security or pensions.
Vijay
3. If you charge $1075 on your credit card and the minimum payment is $96. You only make the minimum payment. a. Does the minimum payment fit in your budget. b. If the APR on the credit card is 18% and there is 31 days in the billing period, how much interest will you owe on the purchase?
A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the homeowner borrow for 2 years at 9%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.)$ _____
Do you want to be one of the first people to take a commercial flight to outer space which means that you need to save $3522922. However, currently only have 2333723 in your savings account. Based on an analysis of your monthly budget, you can find a way to add 3437 per month to your account until you have enough. You can earn on average 12.2% APR in your account, compounded monthly how many years will you need to work before you can experience the weightlessness of the final frontier?

SEE MORE QUESTIONS

Recommended textbooks for you

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Entrepreneurial Finance

Finance

ISBN:

9781337635653

Author:

Leach

Publisher:

Cengage

Financial & Managerial Accounting

Accounting

ISBN:

9781285866307

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial & Managerial Accounting

Accounting

ISBN:

9781337119207

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS