Personal Finance Project. 1. Your starting salary is: …………
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Transcript of Personal Finance Project. 1. Your starting salary is: …………
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Personal Finance Project
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1. Your starting salary is: …………
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A. $30,000 B. 45,000 C. 65,000
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2. What profession do you want to have when you graduate?
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3. What is the average salary for your chosen profession?
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4. Divide your salary by 12 to get your monthly earnings
($50,000/12= $4,166)
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5. Look up a car you would like to buy at edmunds.com
Provide the make, model, year, and price for 2 different cars
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6. Pick one car and calculate monthly car payments for 60 months, $2, 000 down, and 4.5% interest rate
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Monthly Loan Payment
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Enter down payment of $2,000
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Go to 4. to Select your loan term
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Loan Term of 60 Months and Interest Rate of 4.5% then select Calculate….. Green is your monthly rate.
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7. Search for 2 houses on Zillow.com and get the 15 year fixed rate monthly payment
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Click on the house
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Go to the green Est. Mortgage to get the 15 year Fixed monthly payment
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8. Calculate Monthly Savings by multiplying 20% x your monthly earnings
$4,166 x .20 = $833
($50,000/12= $4,166
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9. Select your Cell Phone Plan
$40 – Might have all the bells and whistle, but on a low
quality network (Virgin, Boost, Etc.)
$60 – Great features on a good network (T-Mobile,
Verizon, etc.)
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Grocery Bill Select one of the following:
• $100 Low end – (Cups of soups every once in a while)
• $150 Medium End– (About average)
• $200 Higher End– (Some good meals here and there. Restaurants
maybe?)
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Utilities
• For every 1,000 Sq feet add $100 (Round to the nearest hundred)– Example: 3,600 Sq Ft home = $400 in Utilities