11. You have a net income of $40000/year. Your expenses include the following: o Rent: $800/month o Insurance: $225/semi-annually Car Payment: $315/month o Car Expenses: $1000/year o RRSP: $50/month o Entertainment: $50/week o Cell Phone: $75/month o Food: $500/month a. Create a budget. (5 marks) b. Modify the budget to include a savings plan of $100/week. (2 marks) c. You paid off your car and have decided to buy a house. Your mortgage payment is now $1050/month. Modify the budget to reflect this new financial plan. (2 marks)

11. You have a net income of $40000/year. Your expenses include the following: Rent: \$800/month Insurance: \$225/semi-annually Car Payment: \$315/month Car Expenses: \$1000/year RRSP: \$50/month Entertainment: \$50/week Cell Phone: \$75/month Food: $500/ month a. Create a budget. (5 marks) b. Modify the budget to include a savings plan of $100/ week. ( 2 marks) c. You paid off your car and have decided to buy a house. Your mortgage payment is now $1050/ month. Modify the budget to reflect this new financial plan. (2 marks)