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...

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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.
You have a balance of $5,000 on your credit card, which charges an interest rate of 1.3% per month. Looking at your budget, you figure you can make the following payments. Will they be enough to pay off your credit card? Month 1 3 4 7 8 Рayment $485 $550 $615 $680 $745 $810 $875 $940 ..... (Select from the drop-down menus.) The present value of your payments is the amount of the loan, so you be able to pay off the loan.
(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?
help
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?
4. Suppose you earn and spend $2,400 per month. You receive your paycheck on the first day of the month and must decide how much of it to hold as cash or in a non- interest-earning checking account and how much to deposit in your savings account. The savings account pays 5 percent interest; however, the bank charges you $2 for each withdrawal you make during the month. a. What will be your average demand for money over the month? b. If the interest rate rose to 10 percent, what would be your average demand for money over the month? Is this change consistent with your expectations about the demand for money?
Review the completed master budget and answer the following questions: Is Ranger Industries expecting to earn a profit during the next quarter? If so, how much? Does the company need to borrow cash during the quarter? Can it make any repayments? Explain. (Carefully review rows 74 through 80.)

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