Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part IV: Put it All Together Joan wants to combine all of her saving goals into one overall financial plan. 13. Complete the table below

Part IV: Put it All Together Joan wants to combine all of her saving goals into one overall financial plan. 13. Complete the table below using the figures you calculated for her car, house and retirement savings goals. If you prefer to work electronically, here is Joan's Savings Plan spreadsheet that aligns with the chart below. (Make sure to copy and paste answers to the chart below) For Car Savings and Payments and House Savings and Payments, be sure to include both the amounts Joan needs to save annually PRIOR to purchase, as well as her loan payments AFTER purchase. Add the Car House Retirement amounts to get the Total Savings and Loan Payments and calculate it as a percentage of Joan's salary. Part IV: Put it All Together

Joan wants to combine all of her saving goals into one overall financial plan.

13. Complete the table below using the figures you calculated for her car, house and retirement savings goals. If you prefer to work electronically, here isJoan's Savings Plan spreadsheet that aligns with the chart below.(Make sure to copy and paste answers to the chart below)

  • For Car Savings and Payments and House Savings and Payments, be sure to include both the amounts Joan needs to save annually PRIOR to purchase, as well as her loan payments AFTER purchase.
  • Add the Car + House + Retirement amounts to get the Total Savings and Loan Payments and calculate it as a percentage of Joan's salary.

Year Salary Car Savings & Payments House Savings & Payments Retirement Savings Total Savings and Payments Total Savings and Payments as % of Salary
Cash flows 3% increase annually Save for 3, Pay for 5 Save for 10, Pay for 30 Save for 30
1 50000 4000 10260 14260 28.52%
2 51500 4000 4000 7.77%
3 53045 4000 4000 7.54%
4 54636 4000 4000 7.32%
5 56274 4000 4000
6 57960 4000 4000
7 59695 4000 4000
8 61480 4000 4000
9 63316 0 4000 4000
10 65204 0 4000 4000
11 67145 0 0
12 69140 0 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: E. Thomas Garman, Raymond E. Forgue

13th edition

1337099759, 978-1337516440, 1337516449, 978-1337099752

More Books

Students also viewed these Finance questions

Question

d. Is the program accredited?

Answered: 1 week ago