Your gross annual salary is $100,000. Before taxes, $150 is taken out for an HSA (Health Savings Account) each paycheck, followed by medical insurance, which is 4%. Taxes are then taken out of your pay. You currently have 3 roommates, with whom you split rent and bills on an $1895 per month townhouse where utilities (gas, water, electric, cable etc) total another $650. You have an outstanding loan that costs you $445 per month. **Assume there are 2 pay periods (4 weeks) in a month and that you are filing taxes in April 2021

How much money do you have left over at the end of each month after these deductions and expenses are removed?

You have decided to start saving for retirement. Your bank is willing to set you up with an IRA with a 9.2% APR. You need to have $925,000 in the account in 45 years to be able to retire. How much of your remaining monthly budget do you want to put into the account each month? Why did you decide on this number? Support your answer.

A few years later you decide to take another look at your finances. Your outstanding loan of $445 per month only has 10 payments left on it (out of the original 60) with an interest rate of 11.25%. How much would it cost to pay it off on payment #51?

24% tax bracket