| NAME: |
xxxxxxxxxxxxxx |
Desired Career: |
Registered Nurse |
|
|
| Date: |
April 14th, 2020 |
| FINANCIAL PROJECT |
| Each green cell needs data (a value, a name, a date, or some words) |
| Each yellow cell needs a formula (an Excel function like PMT, PV, FV or just addition, subtraction, multiplication, etc.) |
| Format cells appropriately:
- if the cell contains a monetary amount, make sure that you change its label/format to "Currency" or "Accounting".
- if the cell contains a percentage, make sure that you change its label/format to "Percentage", etc. |
| Part # |
| College Graduate
with Desired Career |
| High School
Graduate |
| Absolute
Difference |
| Relative
Difference |
| 1 |
| Income Comparison |
|
| Annual Salary |
$62,450 |
| $22,250 |
| $40,200 |
| 180.67% |
|
| Monthly Salary |
$5,204.17 |
| $1,854.17 |
| $3,350 |
| 180.67% |
| 2A |
| Housing Comparison |
|
|
| Short Term Mortgage |
|
| APR |
3.70% |
| 3.70% |
|
| Mortgage Term (Number of Years) |
15 |
| 15 |
|
| % of Monthly Income going to Mortage Payments |
25% |
| 25% |
|
| Monthly Mortgage Payments (Amount) |
$1,301.04 |
| $463.54 |
|
| Mortgage Amount (Amount that can be borrowed) |
$179,505.05 |
| $63,959.33 |
| $115,545.72 |
| $63,958.33 |
|
|
| Long Term Mortgage |
|
| APR |
4.24% |
| 4.24% |
|
| Mortgage Term (Number of Years) |
30 |
| 30 |
|
| % of Monthly Income going to Mortage Payments |
25% |
| 25% |
|
| Monthly Mortgage Payments (Amount) |
$1,301.04 |
| $463.54 |
|
| Mortgage Amount (Amount that can be borrowed) |
$264,755 |
| $94,340 |
| $170,416 |
| $94,339 |
| 2B |
| Housing Comparison |
|
|
| Short Term Mortgage |
|
| APR |
3.70% |
| 3.70% |
|
| Mortgage Term (Number of Years) |
15 |
| 15 |
|
| Dream House Value |
$170,000.00 |
| $170,000.00 |
|
| Monthly Payments needed to finance dream house |
$1,232.07 |
| $1,232.07 |
|
| Percentage of Monthly Income |
23.67% |
| 66.45% |
| -42.77% |
| -100.00% |
|
|
| Long Term Mortgage |
|
| APR |
4.24% |
| 4.24% |
|
| Mortgage Term (Number of Years) |
30 |
| 30 |
|
| Dream House Value |
$170,000 |
| $170,000.00 |
|
| Monthly Payments needed to finance dream house |
$835.30 |
| $835.30 |
|
| Percentage of Monthly Income |
16.05% |
| 45.05% |
| -29.00% |
| -54.95% |
| 3 |
| Retirement Comparison |
|
| APR |
6.25% |
| 6.25% |
|
| Years of Investment |
30 |
| 30 |
|
| % of Monthly Income |
9% |
| 9% |
|
| Your Contribution (monthly dollar amount) |
$442.35 |
| $157.60 |
|
| Employer Contribution (monthly dollar amount) |
$88.47 |
|
| Total Contribution (monthly dollar amount) |
$530.83 |
| $157.60 |
|
| Value of 401(k) at the end of 40 years |
$559,447.05 |
| $166,102.17 |
| $393,344.88 |
| 236.81% |
|
| Balance in retirement fund after 10 years |
$88,182 |
| $26,182 |
| $62,000 |
|
| Balance in retirement fund after 25 years |
$382,339 |
| $113,518.19 |
| $268,821 |
ryan2020
Project_2___Financial_Project.xlsx.xlsx.xlsx
