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Published byElias Wiles Modified over 2 years ago

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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

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