Unit 1 Home Finance Assignments - Ms. Turnbull's Website

Home Finance Unit

Assignment Review Lesson: Budgeting

ESSENTIAL MATHEMATICS 40S

Name:__________________________

Due Date

Completed?

Review Assignment & Affordability Project

Affordability & GDSR

Assignment 1

Mortgages: Definitions

Assignment 2A

Mortgages: Calculations

Assignment 2B

Mortgages: Spreadsheets

Assignment 2C

Home-Buying Additional Costs: Land Transfer Tax & Adjustment Calculations

Assignment 3A

Home-Buying Additional Costs

Assignment 3B

House Energy Efficiency & Maintenance

Assignment 4

Home Owner and Tenant Insurance

Assignment 5

Property Taxes

Assignment 6

Renting vs Buying

Assignment 7

Home Finance Unit Test: _____________________________

Home Finance

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ESSENTIAL MATHEMATICS 40S

Home Finance

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Review Assignment: Budgeting

ESSENTIAL MATHEMATICS 40S

1. Linda owns a home valued at $175 000.

a) Her estimated household expenses are summarized in the following table. Calculate her average monthly household expenses.

b) She has a monthly mortgage payment of $985.45. Calculate Linda's average monthly cost for her home (mortgage payment + household expenses).

2. Steve and Annie rent a home for $1200 a month, not including the cost of utilities. Their estimated utility costs are summarized below. Calculate their total monthly costs for rent and expenses.

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ESSENTIAL MATHEMATICS 40S

3. Margo receives a salary of $700 a week. After her employer makes deductions from her gross weekly salary, her net weekly salary is $560 a week. Their fixed expenses include:

a) mortgage payments of $550 per month b) payments on a car of $250 a month c) average monthly telephone bill of $31 d) average monthly hydro bill of $70 e) yearly car insurance premium of $920 f) yearly life insurance premium of $480 g) yearly home insurance of a $90 000 home at a premium rate of $0.35 per $100 of

insurance. h) annual property taxes ? $2106 per year The family estimates its variable expenses to be: a) groceries of $550 per month b) clothing of $700 per year c) car maintenance of $400 per year d) gasoline of $70 per month e) entertainment of $500 per year f) vacation of $1000 per year g) newspapers and periodicals of $90 per year

Prepare a monthly budget for Margo on the following page.

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BUDGET SHEET

1. Income a. Regular Monthly Income b. Spouses Regular Monthly Income c. Additional Income d. Other Income Total Monthly Income

2. Housing Expenses a. Mortgage or Rent b. Property Tax c. Home/Property Insurance d. Repairs/Maintenance e. Other Housing Expenses Total Housing Expenses

3. Utilities a. Hydro b. Gas c. Phone d. Water e. Other Total Utilities

4. Transportation a. Public Transport b. Car Loan c. Car Fuel d. Car Maintenance e. Car Insurance f. Other Transportation Total Transportation

Comments:

$ $ $ $ #1 $

$ $ $ $ $ #2 $

$ $ $ $ $ #3 $

$ $ $ $ $ $ #4 $

ESSENTIAL MATHEMATICS 40S

Date:

5. Personal Finances

a. Personal Loan

$

b. Investments

$

c. RRSP

$

d. Life Insurance

$

e. Charities

$

f. Credit Card Payments

$

g. Service Charges

$

h. Savings**

$

i. Other Personal Finances $

Total Personal Finances #5 $

6. Personal Expenses

a. Groceries

$

b. Clothing

$

c. Entertainment

$

d. Gifts

$

e. Vacations

$

f. Other Personal Expenses $

Total Personal Expenses #6 $

7. Other Expenses a. b. c. Total Other Expenses

$ $ $ #7 $

Total Monthly Expenses #8 $

(Sum: #2 thru #7)

Income minus Expenses $

(#1 minus #8)

(+surplus

-deficit)

Analysis:

Deficit? Where can you trim expenses? Surplus? Can you increase your savings? Or pay down a debt or loan?

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