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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K For the following situation, find the average monthly expense that you would use in budgeting for the given expense. Note: Annual means once a year, and semiannual means twice a year. You own your own home and pay $1300 annually in homeowners insurance, $2200 semiannually in property tax, and $950 monthly in mortgage (house loan) payments. In addition, just to be safe, you decide to set aside $2060 per year for unexpected expenses (for example, water heater replacement, sewer clean-out, or roof repair). The average monthly expense that you would use in budgeting is $☐ (Round to the nearest cent as needed.)
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. Calculate his 20% down payment for this home.
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.
Based off the image below think of 1 year plan.
(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?
Based off the image below think of an 1 year plan give an example.

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