Project demographic information Page
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.