Math Homework

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Week 3 Assignment 1 (W3A1) URL: http://online.vitalsource.com/books/1111508801

Chapters 6, 7, 8

Assignment Directions:

Please show steps on how you got your answer.

Use the following scenarios and calculate monthly loan payment amounts: calculate monthly loan payment amounts given the following scenarios:

1. Calculate the monthly payment over 10 years of a subsidized student loan in the amount of $25,000 at 3.4%.

2. Calculate the monthly payment over 10 years of an unsubsidized student loan in the amount of $25,000 at 6.8%.

3. Calculate the monthly payment over 5 years of a car loan in the amount of $25,000 at 3% interest for a graduate with good credit.

4. Calculate the monthly payment over 5 years of a car loan in the amount of $25,000 at 15% interest for a graduate with a poor credit history.

5. How do interest rates differ on subsidized loan versus unsubsidized loan? How does this impact the budget of a recent graduate in terms of their expenses for a month?

6. How do interest rates differ on car loans of a student with good credit versus a poor credit history? How does this impact the budget of a recent graduate in terms of their expenses for a month?

7. Kathy Smith earns $40,000 a year. She pays 30 percent of her gross income in federal, state, and local taxes. She has fixed expense in addition to taxes of $1200 per month and variable expenses that average $900 per month. What is her net income (surplus or deficit) for the year?

· Assignment Grading Rubric:

Criterion	Excellent (5)	Very Good (4)	Good (3)	Competent (2)	Inadequate (1)	Not Submitted
Requirements	All criteria met:	One of the following criteria was not met	Two of the following criteria was not met:	Three of the following criteria was not met:	Four of the following criteria was not met:	Not Submitted
	*Accurate numeric answers submitted	*Accurate numeric answers submitted	*Accurate numeric answers submitted	*Accurate numeric answers submitted	*Accurate numeric answers submitted	*Assignment not submitted
	*Substantial qualitative answers justified and validated	*Substantial qualitative answers justified and validated	*Substantial qualitative answers justified and validated	*Substantial qualitative answers justified and validated	*Substantial qualitative answers justified and validated
	*No grammar or spelling errors	*No grammar or spelling errors	*No grammar or spelling errors	*No grammar or spelling errors	*No grammar or spelling errors
	*Organized structure of answers and points presented	*Organized structure of answers and points presented	*Organized structure of answers and points presented	*Organized structure of answers and points presented	*Organized structure of answers and points presented
	*APA standards met for citations and references	*APA standards met for citations and references	*APA standards met for citations and references	*APA standards met for citations and references	*APA standards met for citations and references
Instructor’s Rationale and Score

Week 3 Assignment 2 (W3A2)

Part One: Based on the following information, prepare a monthly and yearly budget for Cathy include. Average Income Net monthly pay is $1,400 Average Monthly Expenses Rent $410 Insurance 60 Utilities 50 Gasoline 60 Clothing 60 Entertainment 100 Savings 120 Telephone (landline) 15 Car payment 150 Car repairs 20 Groceries 150 Personal care 50 Miscellaneous 155 Part Two:

1. Revise the budget when Cathy agrees to share her apartment with a friend. Some expenses can be shared equally. Assume the telephone expense increases to $30, utilities to $60, and insurance to $70. These expenses along with rent are shared equally. What will you advise Cathy to do with the extra funds of $205 she will receive from a roommate?

2. When Cathy chooses a roommate how will the credit history of potential roommates impact her decision?

3. Should Cathy consider increasing the insurance expense? If so, what type of insurance?

Part Three: Write a summary in an essay form of no less than 300 words to detail your budget and cover the following points:

. What aspect of financial planning is new to you?

. What type of savings and investment strategies would you engage in within the next 5 years?

. What strategies would you practice to maintain favorable credit?

Assignment Grading Rubric:

Criterion	Excellent (5)	Very Good (4)	Good (3)	Competent (2)	Inadequate (1)	Not Submitted
Requirements	All criteria met:	One of the following criteria was not met	Two of the following criteria was not met:	Three of the following criteria was not met:	Four of the following criteria was not met:	Not Submitted
	All 3 parts are answered substantially, where points are justified and validated	All 3 parts are answered substantially, where points are justified and validated	All 3 parts are answered substantially, where points are justified and validated	All 3 parts are answered substantially, where points are justified and validated	All 3 parts are answered substantially, where points are justified and validated	Assignment not submitted
	No grammar or spelling errors	No grammar or spelling errors	No grammar or spelling errors	No grammar or spelling errors	No grammar or spelling errors
	Organized structure of answers and points presented	Organized structure of answers and points presented	Organized structure of answers and points presented	Organized structure of answers and points presented	Organized structure of answers and points presented
	APA standards met for citations and references	APA standards met for citations and references	APA standards met for citations and references	APA standards met for citations and references	APA standards met for citations and references

Instructor’s Rationale and Score