# how much would you spend? answer key

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1 scenario 1 Manuel wants to buy a car. But before he goes shopping, he wants to know exactly how much he can afford to spend each month on owning, operating, and maintaining a car. Manuel s net monthly income is \$1,280. His fixed expenses are: \$350 for rent His flexible monthly expenses are: \$75 for savings \$25 for utilities \$185 for food \$35 for transportation (bus fare) \$150 for tuition and books \$40 for entertainment \$20 for personal items \$29 for household items If Manuel gets a car, he expects to spend about \$40 a month on gas and oil, and about \$20 on parking and bridge tolls. Manuel needs to have car insurance. He has shopped around and expects that a car insurance premium for the type and year of car he wants will cost about \$225 a month. directions Use the attached budget sheet and Loan Calculator to complete the following chart and answer the questions that follow. activity answers 9-5a key

2 car for \$6,000 (Amount of loan: \$6,000) Total Cost of Loan: \$7, Total Cost of Loan: \$8, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$1, Total Finance Charge: \$2, Total Cost of Loan: \$8, Total Cost of Loan: \$8, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$2, Total Finance Charge: \$2, car for \$8,000 (Amount of loan: \$8,000) Total Cost of Loan: \$10, Total Cost of Loan: \$10, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$2, Total Finance Charge: \$2, Total Cost of Loan: \$11, Total Cost of Loan: \$11, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$3, Total Finance Charge: \$3, activity answers 9-5b key

3 car for \$10,000 (Amount of loan: \$10,000) Total Cost of Loan: \$12, Total Cost of Loan: \$13, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$2, Total Finance Charge: \$3, Total Cost of Loan: \$13, Total Cost of Loan: \$14, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$3, Total Finance Charge: \$4, Which car can Manuel afford? The car for \$6, What are the terms of the loan that would allow Manuel to buy a car and still stay within his budget? A 60-month loan with an APR of 10% 3. Using the column How You d Do It on Manuel s budget worksheet, figure how you would set up a budget if you had Manuel s income and expenses. 4. What were the main differences between the budget you set up using Manuel s income and expenses and the budget that was provided? activity answers 9-5c key

4 scenario 2 Rose is thinking about buying a car. She has \$1,000 saved for a down payment. Before she goes shopping, she wants to know how much she can afford to spend each month on a car. Rose brings home \$926 each month from her first job, and \$974 from her second job. Her fixed expenses include: \$250 for rent \$34 for a credit payment on some furniture she bought several months ago that has a total outstanding balance of \$540 Her flexible monthly expenses are: \$100 for savings \$20 for telephone \$175 for food \$45 for transportation (bus fare) \$70 for tuition \$20 for school supplies \$40 for clothing \$40 for entertainment \$20 for household supplies \$29 for personal items If Rose gets a car, she expects to spend about \$60 a month on gas and oil, and about \$30 on parking and bridge tolls. If Rose gets a car, she will need car insurance. She has done some research, and she expects her car insurance premium to be about \$175 a month. directions Using the attached budget sheet and the computer-based activity Comparing the True Cost of Loans, complete the following chart. Then, answer the questions that follow. activity answers 9-5d key

5 car for \$4,000 (Amount of loan: \$3,000) Total Cost of Loan: \$3, Total Cost of Loan: \$3, Monthly Payment: \$96.80 Monthly Payment: \$99.64 Total Finance Charge: \$ Total Finance Charge: \$ Total Cost of Loan: \$3, Total Cost of Loan: \$3, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$ Total Finance Charge: \$ car for \$6,000 (Amount of loan: \$5,000) Total Cost of Loan: \$5, Total Cost of Loan: \$5, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$ Total Finance Charge: \$ Total Cost of Loan: \$6, Total Cost of Loan: \$6, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$1, Total Finance Charge: \$1, activity answers 9-5e key

6 car for \$8,000 (Amount of loan: \$7,000) Total Cost of Loan: \$8, Total Cost of Loan: \$8, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$1, Total Finance Charge: \$1, Total Cost of Loan: \$8, Total Cost of Loan: \$8, Monthly Payment: \$ Monthly Payment: \$ Total Finance Charge: \$1, Total Finance Charge: \$1, Which car can Rose afford? The car for \$4, What are the terms of the loan that would allow Rose to buy a car and still stay within her budget? A 36-month loan with an APR up to 16% 7. Using the column How You d Do It on Rose s budget worksheet, figure how you would set up a budget if you had Rose s income and expenses. 8. What were the main differences between the budget you set up using Rose s income and expenses, and the budget that was provided? activity answers 9-5f key

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