Create a fictional budget for your family

Reference no: EM131433684

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The purpose of this assignment is to create a fictional budget for your family (sometime in the future) with the following guidelines.

Your first task is to choose your status that you will have then (or have now if you like).

Status Options:

1. single,

2. married with no children,

3. married with one child under 6

4. married with two children, one under 6 and the other under 12

Income:

You have been offered a job making $42,000 a year.

1. If married with no children your spouse makes $35,000 per year.

2. If married with one child your spouse makes $42,000 per year.

3. If married with more than one child your spouse makes $45,000 per year.

Housing Choices:

Max occupancy		Option #			Home Price	Monthly (does not include escrow)	Escrow amt (Property tax, insurance)
1		1		Apartment, 2bdrm, 1 bath, 1000 sq ft, downtown		$1075
1		2		Apartment, 2 bdrm, 1 bath 1500 sq ft, suburbs		$620
2		3		Townhouse apt 3 bdrm, 2 bath, 1500 sq ft, suburbs		$880
3		4		Apartment, 2 bdrm, suburbs, 1700 sq ft, suburbs		$1400
4		5		House, Basic 3 bdrm, two story 1900 sq ft, good schools, suburb	$100,000	$687	$150
4		6		House 3 bdrm, 2 bath, 1800 sq ft, suburbs	$150,000	$1030	$200
5		7		House 4 bdrm, 2.5 bath, 2100 sq ft, good schools, suburbs	$200,000	$1374	$250
5		8		House, (nice and new) 4 bdrm, 2500 sq ft, good schools, suburbs	$250,000	$1718	$300
	10		Other housing option may be chosen under the following conditions: The house must be found in the "homes for sale" section of the local newspaper or from listings in a local realty agency. Please copy the ad showing description, location, number of bedrooms and asking price. Assume 10% was put down and the rest as a loan. Use the Excel payment (PMT) function to determine the monthly payment using an 8% interest rate for 30 years (360 months) Compute the monthly escrow at 0.1% of the selling price for property tax and $50 per month for insurance.

Car Choices:

If married then both persons must have a car.

Type	Year	Model	Loan Amt	Monthly	Additional Comments
Passenger	2012	Ford Focus	13,000	$416	Small car
Passenger	2013	Hyundai	16,000	$512	Small car
Sports	2010	Tiburon	12,000	$384	(holds 2 only)
Passenger	2010	Infinity	14,000	$448
Van	2011	Ford Explorer	12,000	$384
SUV	2004	Chevy Tahoe	3,700	$118	SUV cost
SUV	2013	BMW	30,000	$960	SUV cost
SUV	2001	Chevy Tahoe	7,200	$230	SUV cost
Passenger	2014	Toyota Corolla	15,000	$480	Small car
Passenger	2008	Toyota Corolla	7,000	$224	Small car
Passenger	2011	VW Beetle	10,000	$320	Small car
Truck	2008	Dodge Ram	20,000	$640	SUV cost
Van	2006	Ford Explorer	5,000	$160	SUV cost
Van	2014	Ford Explorer	16,000	$512	SUV costs
OTHER		Other car options may be chosen under the following conditions: The car must be drivable and listed in a local car advertisement. The down payment will take care of title, tax tags and salesman's commission. Use Excel payment function (PMT) to calculate the monthly payment at an interest rate of 10% over 3 years.

Additional car notations:

Allow $90 per month per car for gasoline and maintenance if living in the suburbs
Allow $60 per month per car for gasoline and maintenance if living downtown.
Add 10% to the gas and maintenance cost if an SUV, Van or Truck.
Deduct 10% of the gas and maintenance cost if car is small.
Add an additional $75per month for repairs if car is more than 7 years old.

Reference no: EM131433684

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