Math - Financial Plan
analyze a financial plan
Develop a typical budget.
Prepare a budget for monthly living expenses, mortgage payments, and interest expenses.
Show the details of all calculations.
Clearly identify your answers.
1. Select the first three letters of your last name. Each letter has a numerical place value in the alphabet. For example, D is 4, L is 12, and Z is 26. Add the three place values together. For example, Thomas would yield THO, which is 20+8+15= 43
2. Multiply your sum by 1500. This is your yearly income for Week Four Discussion 1.
3. Please use the following monthly expenses: Car payment = $283.15, Car insurance = $72, Utilities (includes water and power) = $242.77, Internet = $32, and Cell Phone = $79.95.
4. You also have a yearly educational bill of $7980 which includes textbooks and classes.
5. Calculate your monthly income.
6. What percent of your monthly income is the car payment?
7. Subtract the sum of your monthly expenses. Use this value to calculate what percent of your income is now available to spend for food, clothing, and your rent or mortgage.
8. Use the plan at the bottom of page 454, “Mathematics in Our World Revisited,” to calculate the monthly mortgage payment established by your monthly income.
9. Assume you can afford a down payment equal to 25% of your yearly income. What is the total purchase price can you afford for a home? Would this amount allow you to purchase a home in the area where you live?
The first three letters of my last name is THO