Question
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 |
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