Saving Up for Purchases

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Grading criteria

Wages and take-home pay calculation

The assignment includes a clear, accurate explanation of gross salary, pay period take-home pay and monthly take-home pay.

10points

The assignment includes an explanation of gross salary, pay period take-home pay and monthly take-home pay but one area may be missing or inaccurate.

7points

The assignment includes an explanation of gross salary, pay period take-home pay and monthly take-home pay but two areas may be missing or inaccurate.

5points

The assignment includes a listing of credit card APRs from the assignment, but three may be missing or inaccurate

3points

Not attempted

0points

Expenses and disposable income

The assignment clearly and accurately identifies total monthly expenses, additional expenses that may occur, and the amount of disposable income available each month.

10points

The assignment identifies total monthly expenses, additional expenses that may occur, and the amount of disposable income available each month but one area may be missing or inaccurate.

7points

The assignment identifies total monthly expenses, additional expenses that may occur, and the amount of disposable income available each month but two areas may be missing or inaccurate.

5points

The assignment identifies total monthly expenses, additional expenses that may occur, and the amount of disposable income available each month but three areas may be missing or inaccurate.

3points

Not attempted

0points

Time required to save four months' rent

The assignment includes an accurate calculation of the time needed to save four months' rent.

10points

The assignment includes an attempt to explain the time required to save four months' rent, but the calculation is incorrect.

5points

Not attempted

0points

Time required to save purchase price of car

The assignment includes an accurate calculation of the time needed to save the $2,000 purchase price of an old used car.

10points

The assignment includes an attempt to explain the time required to save the purchase price of an old used car, but the calculation is incorrect.

5points

Not attempted

0points

Total cost of vacation and time required to save for the vacation

The assignment includes an accurate calculation of the time needed of the total cost of a vacation with a flight costing $380, three-night stay in a hotel at $75/night and other expenses. The assignment also provides a realistic estimate of how long it would take to save for the trip given the wages and expenses provided in the Monthly Budget.

10points

The assignment includes a reasonable calculation of the total cost of a vacation with a flight costing $380, three-night stay in a hotel at $75/night and other expenses. The assignment also provides a realistic estimate of how long it would take to save for the trip given the wages and expenses provided in the Monthly Budget. The response may need more detail or accuracy in one area.

7points

5points

3points

Not attempted

0points

Explanation of what would be saved for first

The assignment includes a good explanation of which major expense would be saved for first, including at least three valid reasons for the decision.

10points

The assignment includes an explanation of which major expense to save for first, but the response needs additional detail or includes fewer than three reasons for the choice.

5points

The assignment includes an attempt to explain which major expense to save for first, but the response lacks detail and does not provide adequate reasoning for the decision.

3points

Not attempted

0points

Timeliness

The assignment is turned in on or before the due date.

5points

The assignment is turned in late.

0points