Personal Finance Project

1. Your starting salary is: …………

A. $30,000 B. 45,000 C. 65,000

2. What profession do you want to have when you graduate?

3. What is the average salary for your chosen profession?

4. Divide your salary by 12 to get your monthly earnings ($50,000/12= $4,166)

5. Look up a car you would like to buy at edmunds.com Provide the make, model, year, and price for 2 different cars

6. Pick one car and calculate monthly car payments for 60 months, $2, 000 down, and 4.5% interest rate

Monthly Loan Payment

Enter down payment of $2,000

Go to 4. to Select your loan term

Loan Term of 60 Months and Interest Rate of 4.5% then select Calculate….. Green is your monthly rate.

7. Search for 2 houses on Zillow.com and get the 15 year fixed rate monthly payment

Click on the house

Go to the green Est. Mortgage to get the 15 year Fixed monthly payment

8. Calculate Monthly Savings by multiplying 20% x your monthly earnings $4,166 x.20 = $833 ($50,000/12= $4,166

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.)

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?)

Utilities For every 1,000 Sq feet add $100 (Round to the nearest hundred) – Example: 3,600 Sq Ft home = $400 in Utilities