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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 RobertThis 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.
Given Assumptions:Loan Amount 250,000.00 APR5.000%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 FarYour Annuity You Have Paid Thus FarDifference (Payoff)250000.00251041.671342.05249699.61252087.672689.70249397.97253138.044042.96249095.08254192.785401.86248790.92255251.926766.42248485.49256315.478136.67248178.80257383.459512.63247870.82258455.8810894.32247561.56259532.7812281.76247251.01260614.1713674.99246939.17261700.0615074.03246626.03262790.4716478.89246311.59263885.4317889.60245995.83264984.9619306.20245678.76266089.0620728.69245360.37
APRPayment (% of Balance)Debt24%2%2500.00YearMonthPaymentFinance ChargeBalance2500.001150.0050.002500.001250.0050.002500.001350.0050.002500.001450.0050.002500.001550.0050.002500.001650.0050.002500.001750.0050.002500.001850.0050.002500.001950.0050.002500.0011050.0050.002500.0011150.0050.002500.0011250.0050.002500.0021350.0050.002500.0021450.0050.002500.0021550.0050.002500.0021650.0050.002500.0021750.0050.002500.0021850.0050.002500.0021950.0050.002500.0022050.0050.002500.0022150.0050.002500.0022250.0050.002500.0022350.0050.002500.0022450.0050.002500.0032550.0050.002500.0032650.0050.002500.0032750.0050.002500.0032850.0050.002500.0032950.0050.002500.0033050.0050.002500.0033150.0050.002500.0033250.0050.002500.0033350.0050.002500.0033450.0050.002500.0033550.0050.002500.0033650.0050.002500.0043750.0050.002500.0043850.0050.002500.0043950.0050.002500.0044050.0050.002500.0044150.0050.002500.0044250.0050.002500.0044350.0050.002500.0044450.0050.002500.0044550.0050.002500.0044650.0050.002500.0044750.0050.002500.0044850.0050.002500.0054950.0050.002500.00