1. Help Jake save up for a down payment for a house. He figures he will need to have $7,350 for a down payment before he can buy a house.
   1. Calculate how much Jake must save each month to reach his goal in 12 months, assuming he uses his savings account.

ASSETS As of June 1, 2016 CASH & CASH EQUIVALENTS LOCATION BALANCE CHECKING Wells Fargo Bank $224 SAVINGS Wells Fargo Bank $673 RATE OF INTEREST 1.09 1.3% MATURITY NA NA AUTOMOBILE(S) Make Model 2003 Toyota Corolla Cost $9.000 Current Value Outstanding Loan Balance $5,200 SO REAL & PERSONAL PROPERTY Market Value Fumiture and Media Equipment S3000 Clothing and jewelry $ 750 Computers, printer, etc. S 350 Exercise Equipment SR 500 Miscellaneous household items S 500 Replacement Value $ 6,000 $ 1.000 $ 1.250 $13.100 SH.000 LIABILITIES As of June 1, 2016 Care STUDENT LOANS Original Balance Student Low $12,000 Student Les 12 S8.500 Student Low $15.000 Sadew L4 $2.500 Interest Rate 3.66% 6.599 6.559 $12.793 SN,500 SIS,000 $3,307 Payment Total of Dute of Fust Amunt Payments Payment 5142 120 11/1/2016 597 120 11/1/2016 5171 11/1/2016 537 120 11/1/2016 Period CREDIT CARDS Amal Interest Credit Outstanding FoRate Limit Blue Vi 55,000 54.800 Sports Authority 510 51.000 SO American Express 550 21% 15,000 $1,200 Mis Pay of line 25 of hone of balance 525 30 days 30 days 10 days *The Sports Authority card gives a 2% discount on all sports equipment purchases, and $5 off cach month on his gym membership INCOME AND EXPENSES Expected for June 1, 2016 - June 1, 2017 INCOME Gross Monthly Income 54.383 Jake's Salary Cash is Interest Tonal Gross Anual Income $35.000 300 10 555310 54,53 EXPENSES Cash Flow Cash Flow Monthly rnally SINDO 1.440 6.936 5900 120 578 331 40 120 160 250 65 40 1.400 1.920 3.000 70 200 Fixed Expenses Reni Uns Federal Income Tax withholding Social Security Tax FILA) withholding Cell Phone Cable TV and Internet Groceries Automance, Auto Insurance Health Insurance Premium Credit Card Fees Visa Minimum Pyment Spoor's Authority Minimum Payment American Express Minimum Payment Ein a payments Towd ariales Medical dental cap Food away from home Clothing Personal Care Appliances, Fumiture, and Equipment Entertainment Travel for Triathlon Gym Membership with Cdiscount) Fitness Trainer Touare 16 144 0 36 447 3.227 432 5.364 3,732 25 200 60 300 2400 720 96 2004 NO 167 45 120 757 SI, 1.440 9,04 547,816 NEW EXPENSES TO CONSIDER Cash Flow Monthly Cash Flow Amy Eny Saving Honey Savines Contributions to 401(k) Retirement Act. Health ce Life insure Rener's New Truck Payment New Test ci