6 I also cut back on dining out slightly by 25 a month in an attempt for the

6 i also cut back on dining out slightly by 25 a

This preview shows page 34 - 41 out of 77 pages.

5) I also tried to increase their fast offering contribution slightly by $5 a month. 6) I also cut back on dining out slightly by $25 a month in an attempt for the family to eat at home and save money. Additionally, I decided that the grocery bills could be slightly lowered as well if they were to search for deals and coupons to help them be more wise with their money. 7) Lastly, I were able to split the money up that we saved by cutting other costs among a savings plan for emergencies, Christmas, Food Storage, and HealthCare so that the family can be more prepared for any situation. Reflection Paragraph : Claudia Robert This family budget project showed me exactly how “real” life is. I saw exactly what kind of problems come about in life like having to downsize your television and having unexpected bills or groceries that cost you more than expected. It also taught me things like the importance of preparing for retirement or preparing for Christmas. I like that I had the ability to choose whether to do a fifteen-year loan or a thirty-year mortgage loan and also other choices like how to pay off my credit card debt. Overall I enjoyed the realness of this assignment and the freedom I had to solve the problems.
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Loan Amount 250,000.00 APR % of 1st Payment to Principal Payment Interest Principal 1% 74.1% $804.10 208.33 $595.77 2% 54.9% $924.05 416.67 $507.38 3% 40.7% $1,054.01 625.00 $429.01 4% 30.2% $1,193.54 833.33 $360.20 5% 22.4% $1,342.05 1,041.67 $300.39 6% 16.6% $1,498.88 1,250.00 $248.88 7% 12.3% $1,663.26 1,458.33 $204.92 8% 9.1% $1,834.41 1,666.67 $167.74 9% 6.8% $2,011.56 1,875.00 $136.56 10% 5.0% $2,193.93 2,083.33 $110.60 11% 3.7% $2,380.81 2,291.67 $89.14 12% 2.8% $2,571.53 2,500.00 $71.53 13% 2.1% $2,765.50 2,708.33 $57.17 14% 1.5% $2,962.18 2,916.67 $45.51 15% 1.1% $3,161.11 3,125.00 $36.11 16% 0.8% $3,361.89 3,333.33 $28.56 17% 0.6% $3,564.19 3,541.67 $22.52 18% 0.5% $3,767.71 3,750.00 $17.71 19% 0.3% $3,972.23 3,958.33 $13.90 20% 0.3% $4,177.55 4,166.67 $10.88 0 2 4 6 8 10 12 14 16 18 20 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%
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Given Assumptions: Loan Amount 250,000.00 APR 5.000% Loan Years 30.00 Payment $1,342.05 Total Interest 233,139.46 A=P(1+APR/n)^(n*Y) A=PMT((1+APR/n)^(n*Y)-1)/(APR/n) Bank's Lump Sum Could Have Earned Thus Far Your Annuity You Have Paid Thus Far Difference (Payoff) 250000.00 251041.67 1342.05 249699.61 252087.67 2689.70 249397.97 253138.04 4042.96 249095.08 254192.78 5401.86 248790.92 255251.92 6766.42 248485.49 256315.47 8136.67 248178.80 257383.45 9512.63 247870.82 258455.88 10894.32 247561.56 259532.78 12281.76 247251.01 260614.17 13674.99 246939.17 261700.06 15074.03 246626.03 262790.47 16478.89 246311.59 263885.43 17889.60 245995.83 264984.96 19306.20 245678.76 266089.06 20728.69 245360.37
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APR Payment (% of Balance) Debt 24% 2% 2500.00 Year Month Payment Finance Charge Balance 2500.00 1 1 50.00 50.00 2500.00 1 2 50.00 50.00 2500.00 1 3 50.00 50.00 2500.00 1 4 50.00 50.00 2500.00 1 5 50.00 50.00 2500.00 1 6 50.00 50.00 2500.00 1 7 50.00 50.00 2500.00 1 8 50.00 50.00 2500.00 1 9 50.00 50.00 2500.00 1 10 50.00 50.00 2500.00 1 11 50.00 50.00 2500.00 1 12 50.00 50.00 2500.00 2 13 50.00 50.00 2500.00 2 14 50.00 50.00 2500.00 2 15 50.00 50.00 2500.00 2 16 50.00 50.00 2500.00 2 17 50.00 50.00 2500.00 2 18 50.00 50.00 2500.00 2 19 50.00 50.00 2500.00 2 20 50.00 50.00 2500.00 2 21 50.00 50.00 2500.00 2 22 50.00 50.00 2500.00 2 23 50.00 50.00 2500.00 2 24 50.00 50.00 2500.00 3 25 50.00 50.00 2500.00 3 26 50.00 50.00 2500.00 3 27 50.00 50.00 2500.00 3 28 50.00 50.00 2500.00 3 29 50.00 50.00 2500.00 3 30 50.00 50.00 2500.00 3 31 50.00 50.00 2500.00 3 32 50.00 50.00 2500.00 3 33 50.00 50.00 2500.00 3 34 50.00 50.00 2500.00 3 35 50.00 50.00 2500.00 3 36 50.00 50.00 2500.00 4 37 50.00 50.00 2500.00 4 38 50.00 50.00 2500.00 4 39 50.00 50.00 2500.00 4 40 50.00 50.00 2500.00 4 41 50.00 50.00 2500.00 4 42 50.00 50.00 2500.00 4 43 50.00 50.00 2500.00 4 44 50.00 50.00 2500.00 4 45 50.00 50.00 2500.00 4 46 50.00 50.00 2500.00 4 47 50.00 50.00 2500.00 4 48 50.00 50.00 2500.00 5 49 50.00 50.00 2500.00
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5 50 50.00 50.00 2500.00 5 51 50.00 50.00 2500.00 5 52 50.00 50.00 2500.00 5 53 50.00 50.00 2500.00 5 54 50.00 50.00 2500.00 5 55 50.00 50.00 2500.00 5 56 50.00 50.00 2500.00 5 57 50.00 50.00 2500.00 5 58 50.00 50.00 2500.00 5 59 50.00 50.00 2500.00 5 60 50.00 50.00 2500.00 6 61 50.00 50.00 2500.00 6 62 50.00 50.00 2500.00 6 63 50.00 50.00 2500.00 6 64 50.00 50.00 2500.00 6 65 50.00 50.00 2500.00 6 66 50.00 50.00 2500.00 6 67 50.00 50.00 2500.00 6 68 50.00 50.00 2500.00 6 69 50.00 50.00 2500.00 6 70 50.00 50.00 2500.00 6 71 50.00 50.00 2500.00 6 72 50.00 50.00 2500.00 7 73 50.00 50.00 2500.00 7 74 50.00 50.00 2500.00 7 75 50.00 50.00 2500.00 7 76 50.00 50.00 2500.00 7 77 50.00 50.00 2500.00 7 78 50.00 50.00 2500.00 7 79 50.00 50.00 2500.00 7 80 50.00 50.00 2500.00 7 81 50.00 50.00 2500.00 7 82 50.00 50.00 2500.00 7 83 50.00 50.00 2500.00 7 84 50.00 50.00 2500.00 8 85 50.00 50.00 2500.00 8 86 50.00 50.00 2500.00 8 87 50.00 50.00 2500.00 8 88 50.00 50.00 2500.00 8 89 50.00 50.00 2500.00 8 90 50.00 50.00 2500.00 8 91 50.00 50.00 2500.00 8 92 50.00 50.00 2500.00 8 93 50.00 50.00 2500.00 8 94 50.00 50.00 2500.00 8 95 50.00 50.00 2500.00 8 96 50.00 50.00 2500.00 9 97 50.00 50.00 2500.00 9 98 50.00 50.00 2500.00 9 99 50.00 50.00 2500.00 9 100 50.00 50.00 2500.00 9 101 50.00 50.00 2500.00 9 102 50.00 50.00 2500.00 9 103 50.00 50.00 2500.00
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9 104 50.00 50.00 2500.00 9 105 50.00 50.00 2500.00 9 106 50.00 50.00 2500.00 9 107 50.00 50.00 2500.00 9 108 50.00 50.00 2500.00 10 109 50.00 50.00 2500.00 10 110 50.00 50.00 2500.00 10 111 50.00 50.00 2500.00 10 112 50.00 50.00 2500.00 10 113 50.00 50.00 2500.00 10 114 50.00 50.00 2500.00 10 115 50.00 50.00 2500.00 10 116 50.00 50.00 2500.00 10 117 50.00 50.00 2500.00 10 118 50.00 50.00 2500.00 10 119 50.00 50.00 2500.00 10 120 50.00 50.00 2500.00 11 121 50.00 50.00 2500.00 11 122 50.00 50.00 2500.00 11 123 50.00 50.00 2500.00 11 124 50.00 50.00 2500.00 11 125 50.00 50.00 2500.00 11 126 50.00 50.00 2500.00 11 127 50.00 50.00 2500.00 11 128 50.00 50.00 2500.00 11 129 50.00 50.00 2500.00 11 130 50.00 50.00 2500.00 11 131 50.00 50.00 2500.00 11 132 50.00 50.00 2500.00 12 133 50.00 50.00 2500.00 12 134 50.00 50.00 2500.00 12 135 50.00 50.00 2500.00 12 136 50.00 50.00 2500.00 12 137 50.00 50.00 2500.00 12 138 50.00 50.00 2500.00 12 139 50.00 50.00 2500.00 12 140 50.00 50.00 2500.00 12 141 50.00 50.00 2500.00 12 142 50.00 50.00 2500.00 12 143 50.00 50.00 2500.00 12 144 50.00
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