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Todd and Melanie Budget

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

Will they have a Surplus


at the end of the 12 months?
a. Yes
b. No

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.

2. Find a cheaper apartment

3. They can save more money on their repairs by selling the car and buying a new one when they have saved enough money.

Todd and Melanie Budget

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

Will they have a Surplus


at the end of the 12 months?
a. Yes
b. No

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.

2. do your own laundry, take public transportation, and no charity

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

an interest rate of 9%.

Car Loan 7.0%


Gas Credi 12.0%
Credit Car 15.0%
Credit Car 12.0%
Credit Car 11.0%
Medical Bi 15.0%
Credit Un 6.0%
Mortgage 9.5%
Mortgage 6.0%

$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

Monthly Income Needed???


Annual Income Needed???

$8,107.14
$97,285.71

How many years to get completely out of debt?


32 years and 10 months
How much in the back when you complete 30 years of payments?

1.
2.
3.
4.

Develop a budget
Cut up the credit cards
Find an extra $50 / month
Put together a "roll over plan"

Listing of all debts

First Debt = $200.00 + $50.00 =


7.0%

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

Real Debt Month Payment Interest

$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

Monthly Income Needed???


Annual Income Needed???

$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

ebt = $200.00 + $50.00 = $250.00


$5,200.00

Principal Remaining Balance


$219.67
$220.95
$222.24
$223.53
$224.84
$226.15
$227.47
$228.79
$230.13
$231.47
$232.82
$234.18
$235.55
$236.92
$238.30
$239.69
$241.09
$242.50
$243.91
$245.33
$246.77
$248.21
$249.65

$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)

Monthly Income Needed???


Annual Income Needed???

$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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