need help with week six part 3

a) Monthly Net Pay b) Monthly Expenses Table 1: Monthly Expenses c) Create a Monthly Expenses Pie Chart Total Monthly Expenses Housing Food a insurance Transportation 4 Utalities - Personalcare - Entertainment r Saings: AMHERELIAnieous: a. Totalivionthy Expenses Compare your Monthly Expense Ratios to the 503020 Rule When 100king at this chart and comparing it to the 503020 rule I have a lot of changes to make with how I prioritize my spending. My leisure activities and a) Calculate your Debt-to-Income Ratio Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number allows lenders to measure your ability to manage the monthly payments to repay the money you plan to borrow. Experts recommend your debt-to-income ratio should not exceed 43\%. Use the following link to assist you with Jour calculation for the debt-to-Income Ratio. - Debt-to-Income Ratio My gross monthly: $6.4953910.6.495 which can be broken down to 782.1299=0.60 which =60% Monthly Expenses: \$3,910 My debt-to-Income Ratio income ratio is higher than the recommended debt limit of 43%. I should strive to maintain a debt - to-Income ratio of 43% or less. b) Calculate your Housing Ratio Financial experts recommend your monthly housing costs should not exceed 30% of your take-home (net) pay Use the following link to assist you with your calculation for your housing ratio breakdown. - Limit Mortgage to 2.5X Your Income - Mortgage Ratio 2.5742=1.855 1,855/6,495=0.285=29% housing ratio breakdown. - Limit Mortgage to 2.5X Your Income - Mortgage Ratio 2.5742=1,855 1,855/6,495=0.285=29% When using this formula, I am just below the average by 1%. I am so close to over my monthly wages. This is a wonderful way to figure out how financial companies use your income. c) Calculate your Transportation Ratio Financial experts recommend spending at most 10%15% of your take-home (net on transportation, including car payment, fuel, and insurance. Use the following lin assist you with your calculation for transportation. - 702010 rule Monthly Income: 6,4950.7=4,546.50 Take home pay: 5,7030.2=1,140.60 Monthly Earnings: 6.4950.2=1,299 Using the 702010 rule I would use 4,546.50 for the 70%,1,140.60 for utility an expenses, and the last 10%1.299 for my savings. This is a wonderful way to save money and prioritize where your money is going and what it is used for. d) Calculate your Life Insurance Ratio Life insurance is used to replace income when you die. A younger person with dependents needs more life insurance than an older person with few to zero dependents. Experts recommend, on average, your life insurance should be 10 TMMS your gross annual income. Ise the following link to assist you with your life insurance breakdown. - 10X Your Annual Salary - Iife Insurance Ratio 3610=36036077940=28,060,20028,060,200/6495or360/77,940=0.0046 =0.1%=1% I m not sure if this is answered correctly and by looking at it my ratio does not even reach. With this question I had to do many equations and not sure which one is Week 6: Part 3-Assets, Savings, and Analysis - Due by the end of Week 6 at 1159pm,ET Assets, Sarings, and Analy sis When you apply for a striali businiess 10 an, the lender ixill assess your ability to pay back the 10an The lender will 100 f for collateral (assents); Which could cover the loan in case of default Assets, Savings, and Analysis When you apply for a small-business loan, the lender will assess your ability to pay back the loan. The lender will look for collateral (assets), which could cover the loan in case of default. As a future small-business owner, you also want to make sure you can save for the future. a) Calculate your current asset total (collateral). 1. Provide a description of your assets and a total amount. Assets could be Liquid Assets (savings account assets, 401k, stocks, investments, other) or residential property. Sarings Account: $3,068 Car: $13,000 Investments: $141.90 Residential: $195.000 b) Calculate your Retirement Savings Ratio Experts recommend saving 25 TIMES your current annual income for retirement. Ist the following link to assist you with your retirement savings breakdown. Sarhad y youn Cument income - Retirement Sawings Ratio I. Calculate your retirement sarings ratio. Show the complete breakdown of rour I Discuss whether you are saving enough each month to hare 25 TIMES Styles Editing Save 25X Your Current Income - Retirement Sarings Ratio I. Calculate your retirement savings ratio. Show the complete breakdown of your Work. II. Discuss whether you are saving enough each month to have 25 TIMIES your current annual income by age 65 . What about age 70 ? Retirement: $7.089.80 2577.940=1.948.500 c) Calculate your Emergency Fund Ratio Do you currently have an emergency fund? Financial experts recommend having at least 6 months of expenses saved up for emergencies. Use the following link to assist you with your emergency fund ratio. - 6X Monthly Expenses - Bmergeticy. Fund Ratio I. Calculate 6 TIMES your monthly expenses. Show the complete breakdomin of nour work II. Determine how long will it take jou to sarie 6 months of expenses based on your monthly savings from Table 1 Monthly Expenses (in Part I) Show your work d) Using the financial analysis from Parts I and ti calculate exactly how much money you'11 nieled ta berrom to start un vour small butsingest - 6X Monthly Expenses - Emergency Fund Ratio I. Calculate 6 TIMES your monthly expenses. Show the complete breakdown of your work. II. Determine how long will it take you to save 6 months of expenses based on your monthly savings from Table 1: Monthly Expenses (in Part I). Show your work d) Using the financial analysis from Parts I and II, calculate exactly how much money you'11 need to borrow to start up your small business. e) Using the financial analysis from Parts I and II, determine if you are ready to apply for a small business loan today, within 2 years or more than 5 years in the future. Explain your answer in 34 sentences. For specific grading information, please refer to the Portfolio Project Grading Rubric. a) Monthly Net Pay b) Monthly Expenses Table 1: Monthly Expenses c) Create a Monthly Expenses Pie Chart Total Monthly Expenses Housing Food a insurance Transportation 4 Utalities - Personalcare - Entertainment r Saings: AMHERELIAnieous: a. Totalivionthy Expenses Compare your Monthly Expense Ratios to the 503020 Rule When 100king at this chart and comparing it to the 503020 rule I have a lot of changes to make with how I prioritize my spending. My leisure activities and a) Calculate your Debt-to-Income Ratio Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number allows lenders to measure your ability to manage the monthly payments to repay the money you plan to borrow. Experts recommend your debt-to-income ratio should not exceed 43\%. Use the following link to assist you with Jour calculation for the debt-to-Income Ratio. - Debt-to-Income Ratio My gross monthly: $6.4953910.6.495 which can be broken down to 782.1299=0.60 which =60% Monthly Expenses: \$3,910 My debt-to-Income Ratio income ratio is higher than the recommended debt limit of 43%. I should strive to maintain a debt - to-Income ratio of 43% or less. b) Calculate your Housing Ratio Financial experts recommend your monthly housing costs should not exceed 30% of your take-home (net) pay Use the following link to assist you with your calculation for your housing ratio breakdown. - Limit Mortgage to 2.5X Your Income - Mortgage Ratio 2.5742=1.855 1,855/6,495=0.285=29% housing ratio breakdown. - Limit Mortgage to 2.5X Your Income - Mortgage Ratio 2.5742=1,855 1,855/6,495=0.285=29% When using this formula, I am just below the average by 1%. I am so close to over my monthly wages. This is a wonderful way to figure out how financial companies use your income. c) Calculate your Transportation Ratio Financial experts recommend spending at most 10%15% of your take-home (net on transportation, including car payment, fuel, and insurance. Use the following lin assist you with your calculation for transportation. - 702010 rule Monthly Income: 6,4950.7=4,546.50 Take home pay: 5,7030.2=1,140.60 Monthly Earnings: 6.4950.2=1,299 Using the 702010 rule I would use 4,546.50 for the 70%,1,140.60 for utility an expenses, and the last 10%1.299 for my savings. This is a wonderful way to save money and prioritize where your money is going and what it is used for. d) Calculate your Life Insurance Ratio Life insurance is used to replace income when you die. A younger person with dependents needs more life insurance than an older person with few to zero dependents. Experts recommend, on average, your life insurance should be 10 TMMS your gross annual income. Ise the following link to assist you with your life insurance breakdown. - 10X Your Annual Salary - Iife Insurance Ratio 3610=36036077940=28,060,20028,060,200/6495or360/77,940=0.0046 =0.1%=1% I m not sure if this is answered correctly and by looking at it my ratio does not even reach. With this question I had to do many equations and not sure which one is Week 6: Part 3-Assets, Savings, and Analysis - Due by the end of Week 6 at 1159pm,ET Assets, Sarings, and Analy sis When you apply for a striali businiess 10 an, the lender ixill assess your ability to pay back the 10an The lender will 100 f for collateral (assents); Which could cover the loan in case of default Assets, Savings, and Analysis When you apply for a small-business loan, the lender will assess your ability to pay back the loan. The lender will look for collateral (assets), which could cover the loan in case of default. As a future small-business owner, you also want to make sure you can save for the future. a) Calculate your current asset total (collateral). 1. Provide a description of your assets and a total amount. Assets could be Liquid Assets (savings account assets, 401k, stocks, investments, other) or residential property. Sarings Account: $3,068 Car: $13,000 Investments: $141.90 Residential: $195.000 b) Calculate your Retirement Savings Ratio Experts recommend saving 25 TIMES your current annual income for retirement. Ist the following link to assist you with your retirement savings breakdown. Sarhad y youn Cument income - Retirement Sawings Ratio I. Calculate your retirement sarings ratio. Show the complete breakdown of rour I Discuss whether you are saving enough each month to hare 25 TIMES Styles Editing Save 25X Your Current Income - Retirement Sarings Ratio I. Calculate your retirement savings ratio. Show the complete breakdown of your Work. II. Discuss whether you are saving enough each month to have 25 TIMIES your current annual income by age 65 . What about age 70 ? Retirement: $7.089.80 2577.940=1.948.500 c) Calculate your Emergency Fund Ratio Do you currently have an emergency fund? Financial experts recommend having at least 6 months of expenses saved up for emergencies. Use the following link to assist you with your emergency fund ratio. - 6X Monthly Expenses - Bmergeticy. Fund Ratio I. Calculate 6 TIMES your monthly expenses. Show the complete breakdomin of nour work II. Determine how long will it take jou to sarie 6 months of expenses based on your monthly savings from Table 1 Monthly Expenses (in Part I) Show your work d) Using the financial analysis from Parts I and ti calculate exactly how much money you'11 nieled ta berrom to start un vour small butsingest - 6X Monthly Expenses - Emergency Fund Ratio I. Calculate 6 TIMES your monthly expenses. Show the complete breakdown of your work. II. Determine how long will it take you to save 6 months of expenses based on your monthly savings from Table 1: Monthly Expenses (in Part I). Show your work d) Using the financial analysis from Parts I and II, calculate exactly how much money you'11 need to borrow to start up your small business. e) Using the financial analysis from Parts I and II, determine if you are ready to apply for a small business loan today, within 2 years or more than 5 years in the future. Explain your answer in 34 sentences. For specific grading information, please refer to the Portfolio Project Grading Rubric