Trent Jones, a recent college graduate, has been hired by Midwest Corporation at a salary of $\$ 36,000$ per year. In anticipation of his salary, Trent purchased a $\$ 14,000$ automobile and will pay for it at a rate of $\$ 350$ per month, including interest, for four years. He also rented a townhouse for $\$ 475$ a month and bought some furniture on account for $\$ 230$ a month. In addition, Trent figures that his other monthly expenses will be Food expense ..... $\$ 200$

Clothing expense ..... 100 Entertainment expense. ..... 175 Insurance expense ..... 100 Gas and other car expenses ..... 170 Utilities expense. ..... 100 1. On the assumption that Trent also pays income and FICA taxes of 20 and 7.50 percent, respectively, prepare his monthly budget.

2. Trent plans to get married soon and have a family, so he intends to save enough money for a down payment on a house. If a $\$ 15,000$ down payment is needed, how long will it take him to save the needed amount? (Ignore interest on savings, and assume that Trent does not have any savings at the present time.)