How much will it take



How much will it take? Real World Percentages

Congratulations! You have graduated from high school. You just got your first job working at ___________________, you are buying your first car, and moving into your first apartment. How much will it take?

Step I: Calculating your income

Go to

Select the advanced search, your

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Remember, your education level is high school and you are looking for an entry level job.

As an entry level employee, _____________________has offered you a job making _________ per hour. You will work 40 hours per week. Using this information, calculate the following:

Total wages per week: __________

Federal and state taxes: (15% of your total wages) __________

Payroll taxes: (7.65% of your total wages) __________

Total taxes __________

Weekly take home pay: __________

Monthly take home pay: __________

Step II: Buying your first car

You are going to need a car in order to be able to get to work. Using the website , select a car:

Make: __________

Model: __________

Year: __________

Any options: _______________________________________________________________

Price from dealer: __________

Did you make a good deal? Check your discount rate using the Kelley Blue Book value for your selected car online.

Blue Book value: __________

Percent of change between the Blue Book Value and purchase price __________

Now you need to pay the sales tax on your car, so you can get car tags. Go to the Department of Finance and Administration to find the sales tax rate on used cars.

Sale Price of your car: __________

Sales tax rate: 6.35%

Amount of sales tax: __________

Total cost of your car: __________

Your Grandmother offered to finance your car using simple interest over 5 years. The interest rate she is charging is 5%. Use this information to calculate your payment.

Principal: __________

Time: __________

Interest: __________

Total owed: __________

Yearly payment: __________

Monthly payment: __________

Step III: Furnishing your apartment

For graduation, your grandmother gave you $1,000 to buy furnishings for your apartment. Use the Hartford Craigslist to find prices. See if you can get all 7 of these items from the $1,000.

|Item |Cost |Remaining Money |

|Sofa or Loveseat | | |

|One coffee table or two end tables | | |

|Bed or pull out sofa | | |

|Dresser | | |

|Dinner table and chairs | | |

|TV | | |

|Lamp | | |

Step IV: Shopping for Supplies

During your senior year, you have been saving some money to get you started. You have saved up $200, and now you are ready to buy supplies for your apartment. Using Craigslist, Wal-Mart, or Target find some items (towels, clock, coffee maker, dvd player, blankets, hairdryer, etc.) to buy. You may choose to discount each item: one at 10%, one at 20%, one at 30%, one at 40% and one at 50%. Choose 5 items, and calculate your total cost.

| | |Discount | |Remaining Money |

|Item |Price |Rate |Sales Price | |

|1. | | | | |

|2. | | | | |

|3. | | | | |

|4. | | | | |

|5. | | | | |

Step V: Monthly Expenses

So, you have your job, car, furniture and supplies. It is time to choose a place to live, and make sure you have what it takes.

Using the classified section of the Hartford Courant or Middletown Press, choose an apartment, duplex, rental home or other place to rent:

Name of rental property: ________________________________ Monthly rent: ____________

Complete the budget table below. For any expenses that you don’t know, research on the computer to get estimates. You can use Craigslist or the Hartford Courant (might be under )

|Monthly Budgeted Expenses |

|Rent | |

|Car payment | |

|Insurance | |

|Utilities (electricity, gas, water) | |

|Cable | |

|Phone | |

|Food | |

| Total: | |

So, now let’s put it all together. What will it take?

Monthly take home pay: ____________

Monthly budgeted expenses: ____________

Do you have enough money?

Find the difference between take home pay

and your monthly expenses. ____________

If you don’t have enough money to meet your monthly expenses, what will you reduce or eliminate?

___________________________________________________________________________________

___________________________________________________________________________________

___________________________________________________________________________________

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Is there anything you would add to your monthly budget? If so, what? How will you pay for it?

___________________________________________________________________________________

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