1. Show necessary information and formulas used in your calculations for each question

2. Address each of the five question below in detail justify all calculation and verify these amounts clearly illustrating the calculation

Monthly Expense and Income

1. Car: Compare purchasing verse leasing: Search the newspaper or internet for a car you can both lease and purchase then compare purchasing the car with specified down payment, making payments and the depreciation of the car into account to that of leasing the same car. Give the cars depreciated value assuming a 30% loss of value at purchase and 10% loss of value each year.

2. Rent/Own: Using the Internet, find both a house and an apartment you would be willing to reside in and compare the expenditures and interest paid between renting an apartment versus purchasing a home assuming monthly payments are made at a 6% fixed annual interest for both a 15-year and 30-year mortgage with 10% down.

3. Cash/Credit: Find an item you would like to own and compare purchasing it on a credit card versus saving up for it (sinking money into a savings account) assuming that the credit card company charges 21% annual interest rate (OR if you have a credit card, uses that annual interest rate) and that the annual interest paid by the bank is 1% (OR if you have a savings account, use that annual interest rate.)

4. Retirement: Determine how much you need to put away into a savings account each month to be able to retire at age 65 with $1M in the bank.

5. Budget: Expenses should include rent/mortgage (plus HOA), insurance(s), entertainment, food, gas, electricity, clothing, cell phone, car payment, tuition, water, cable/internet, credit cards, retirement, and others. Income or stipend. Estimate how much you will need to make per hour if you work 40 hours a week AND how many hours would you made minimum wage at $8.46/hr.