FIN-210 Topic 1 Chapter 1 Financial Planning Problems Assignment

Chapter 1 Financial Planning Problems

Complete Problems 1, 2, and 4-6 in Chapter 1 of the textbook.

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Julia brings home $1,600 per month after taxes. Julia’s rent is $350 per month, her utilities are $100 per month, and her car pay-ment is $250 per month. Julia is currently paying $200 per month to her orthodontist for her braces. If Julia’s groceries cost $50 per week and she estimates her other expenses to be $150 per month… How much will she have left each month to put toward savings to reach her financial goals?

Julia (from problem 1) is considering trading in her car for a new one. Her new car payment will be $325 per month, and her insurance cost will increase by $60 per month. Julia determines that her other car-related expenses (gas, oil) will stay about the same. What is the opportunity cost if Julia purchases the new car?

At the beginning of the year, Arianne had a net worth of $5,000. During the year she set aside $100 per month from her paycheck for savings and borrowed $500 from her cousin that she must pay back in January of next year. What was her net worth at the end of the year?

Anna has just received a gift of $500 for her graduation, which increased her net worth by $500. If she uses the money to purchase a video player how will her net worth be affected? If she invests the $500 at 10% interest per year, what will it be worth in one year?

Jason’s car was just stolen, and the police informed him that they will probably be unable to recover it. His insurance will not cover the theft. Jason has a net worth of $3,000, all of which is easily convertible to cash. Jason requires a car for his job and his daily life. Based on Jason’s cash flow, he can’t currently afford more than $200 in car payments. What options does he have? How will these options affect his net worth and cash flow?

Course: FIN-210 Personal Finance
School: Grand Canyon University

  • 04/11/2020
  • 40
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