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Personal Finance
Sherri is automatically investing $100 a month into a mutual fund to gain market returns. She has no plans for this money other than wealth accumulation. List three funds where you could suggest that
If you make four to five trips home during the school year and plane tickets cost between $300 and $400 per trip, how much should you budget on a monthly basis to cover this variable cost?
You estimate that next year you will need to buy new tires for your car at a cost of $500. This is in addition to the typical maintenance costs, which have been between $400 and $600 in previous
You make $12/hour in a work-study program. You want to start training for a triathlon. You see a great pair of running shoes for $150 and running clothes for $90. How many hours will you need to work
Net asset value (NAV) is the total value of all the assets in the mutual fund minus costs, divided by the number of shares outstanding. What is the NAV of the mutual fund with assets totaling $150
Jen just got promoted to full-time status at her work while she is earning her degree at the local community college. She is now able to participate in the company’s 401(k) plan where the company
You and your friends want to go to NapaValley for a long weekend get-away in two months. You estimate the cost of the trip will be $400. If you start saving for the trip now, how much do you need to
You have a car payment of $300/month. You spent $675 on maintenance last year and you spend about $35/week on gasoline. Parking costs are $25/month. How much could you put toward debt reduction on an
You have broken your arm and your major medical insurance does not cover $425 of the expenses. You can direct $75 from each paycheck (every other week) toward paying this bill. What payment period
Overall stock prices on multiple broad market indexes have decreased 17% over the last two months. How much more must the market indexes drop before it is determined to be a bear market?
Blake bought into a stock mutual fund as a retirement investment 6 months ago. Ever since then, he has watched the prices slowly drop each month. He is afraid that it will soon be worthless. He is
Annie and Frank are married with one toddler and another baby on the way. They have their emergency fund built up. Of their monthly budget, $1,200/month can be allocated to start savings for their
You are looking to finance your home. The bank is offering a three-year ARM (adjustable-rate mortgage) with an introductory rate of 3.5%. It has a 3% adjustment cap per adjustment period, with an 8%
Wanda wants to take some time off in five years to backpack through Europe for three months. She estimates that her expenses of the trip for the three months in today’s dollars would be
What is the loan payment on a 30-year fixed-rate/fixed-term mortgage loan of $100,000 at 8%?
Pat would like to invest in a targeted retirement fund diversified across U.S. stocks, international stocks, corporate bonds, and Treasury bonds.a. What asset allocation would you recommend to Pat if
Casey has $1,000 that she won’t need for 3 months. Her bank is offering 3-month CDs at 3% APY. Disney stock is doing well lately averaging about an 8% return. Calculate the risk-return trade-off
Elaine is a young, healthy and single; a fresh graduate who has started a new job with a $32,000 annual salary. She has approximately $500 left at the end of each month after covering budgetary
Jerry and Dee have different opinions on how to save money. Jerry likes to have the highest possible amount withheld from his paycheck for their income taxes. That way, he knows that he will not come
You are ready to purchase your first home. Your annual salary is $42,000. You have been able to save $15,000 for a down payment, and the only debt you currently owe is your student loan with a
Kip and Kay are about to get married and are looking for an apartment. Kay very much wants a nice downtown location in the center of the social life. Kip would prefer a cheaper location so they are
A decade ago, Monty purchased a 30 year, $1,000 Treasury bond. The interest rate at the time of purchase was 7%. Today, comparable bonds are paying 5%. Approximately how much could Monty sell his
Each year on his child’s birthday, Ben put $100 into a savings account that earns 5% annually;a. How much would the child have at age 65? b. What would the outcome have been had Ben started
You pick out a new car and the dealer is offering 0% interest for 60 months or a $4,000 cash-back bonus. Your negotiated price is $25,000. Your credit union is currently offering a special 3.5% for
If your tax liability is 25% of your salary of $40,000,a. For every $1 earned, how much goes toward taxes?b. How much of each $1 is take-home pay?c. If you contribute $1,000 to your 401(k) and your
You deposit $7,000 of your high school graduation gift money into a savings account. How much will it be worth when you graduate from med school in seven years if interest rates are:a. 3%? b.
When you first started working, your target retirement account allocated 90% of the funds to domestic and international stocks and 10% to corporate bonds, with plans to shift toan allocation of 50%
You just graduated and accepted the job of your dreams. You will be making $4,000 a month and renting an apartment that will cost you $950 a month. You have no other debt.a) What amount can you
You like to keep your investment risks at a 70-20-10 proportion (stocks-bonds-cash). After the first year, your $10,000 investment doubled in value to $20,000, with $16,000 in stock, $2,750 in
It is deemed that your niece, Jenny (who is two) will be going to a four-year college that will cost her no more than $30,000/year. If Grandpa is going to buy U.S. Treasury bonds at 4% interest for
You and a friend want go on a bike trek through France. Your friend wants to invest $200 a month for four years in a money market account that is earning 4%. You would prefer to go now, taking out a
A decade ago, your parents purchased a 20-year, $1,000 Treasury bond. The interest rate at the time of purchase was 5%. Today, comparable bonds are paying 7%. Approximately how much could they sell
A family with an annual take-home pay of $120,000 a year needs how much in its emergency fund?
What is the impact of a savings account’s purchasing power if it is earning 3% APY and inflation has been 4% for the past year?
Peter is appreciative of the confidence and the investment of his housemates in his new restaurant. He will open the doors in two months. He knows that it will be long hours and hard work for some
Noah’s grandparents recently passed and his parents find themselves with a large inheritance as well as the wake-up call that they themselves should venture into estate planning. Noah’s older,
You are at your first job out of college and as you go through your new employee orientation you have to make a decision about contributing to a 401(k) that your company offers. You company will
Jack’s senior year, he took a spring break trip to Daytona Beach with his friends. He had not saved up funds for the trip, so he financed it with his brand new credit card. He had the time of his
Leigh’s parents were in an auto accident and she needed quick money to fly home. She didn’t have enough in her account to pay for the $800 plane ticket or own a credit card. She hastily made the
Sara is 30 years old and makes $40,000/year. She has $10,000 in a traditional IRA, which is growing at 5%. She plans not to touch it until she retires at age 70. She believes she will make $3,000/
Your 75-year-old grandparents have over $10,000,000 in assets. They have three children and nine grandchildren. How much money can they gift to each of the children and grandchildren in 2010 without
What are the steps you should take if you discover that your wallet with your ID, Social Security card, and all your credit cards has been stolen?
You give $1 million to your college in an irrevocable trust with the stipulation that you receive the earnings from the gift.You are guaranteed an 8% return on your investment.a. What would be your
You have four children, and you and your spouse want to maximize the amount you can give to each child each year before you have to pay the gift tax.a. How much would you give each child?b. What
Rocco recently graduated and his student loans will come due in 6 months. Over the course of 4 years in college, he took out a student loan at the beginning of each school year. The first three were
Anna needs $100 in cash to go home for the weekend and all she has is a credit card. Her cash advance fee is $10.00 and the credit card company charges a 3% fee. She decides to get a cash advance.a.
Your parents give you $30,000 worth of Apple stock in 2008. In 2010, the shares are worth $55,000.a. What is the taxable amount for the gift tax in 2008?b. By what amount was your parents’ estate
You have made an appointment with a lawyer to begin estate planning. Your current balance sheet shows a net worth of $2.7 million. If executor fees range from 2 to 4% of the value of the assets,
You are just starting your first job out of college. You and your best friend are competing to see who will have more in their savings when you retire; you both plan to retire at age 52, just 30
Frank is 21 years old and has his first credit card with a monthly APR of 1.5%. He went on a shopping spree the first month and now has $1,000 balance. Budget-wise, it would be nice if he could just
You are 25 years old and need to have $1,000,000 in savings before you retire at age 75. You estimate you will receive an annual return of 8% on investments.a. How much do you need to put into
The charge on your rent-to-own washer is $25 per month. After 36 months, you get to keep the washer. How much does the washing machine end up costing you?
Peter finds the perfect location for his sushi restaurant and wants to buy or rent the space. Although it is three years earlier than he wanted to open his restaurant, he does not want to miss out on
Doug decided to purchase the run-down one-bedroom home next door to clean up the neighborhood and, hopefully, make a profit. He guesses that with $10,000 in improvements and repairs over the next 12
What was the APR on a $1,000 payday loan taken out for 30 days if your repayment on the loan cost you $1,050?
To diversify Jack’s investment portfolio, he and his neighbor have decided to go into business together to purchase and manage rental property. They need to decide on the legal status of their
Two years ago Sam purchased a duplex for $180,000 cash. She has rented one side for $1,000/month. Taxes have been $1,800 every six months. She put new carpeting throughout the duplex and gave it
You bought a lot for $20,000 and have paid $75/year in taxes for the past five years. A new golf course is going in across the street, and you have been approached by a buyer to sell your lot for
You are considering buying the house next to your home, in order to fix it up and sell it to make a profit. You estimate that you will need to invest about $5,000 to make necessary repairs and
If you follow the recommendation that investments in a REIT should not make up more than 10% of your investment portfolio, what is the maximum dollar amount you should have tied up in a REIT if the
For a $10,000 student loan with a 6% APR, how much of the payment will go toward the principal and how much will go toward paying interest for each of the first six payments?
What are your monthly payments on the $10,000 student loan you are now ready to pay back, if the payments will be spread over the next 10 years with a 6% APR?
REITs are required by the IRS to pay out annual dividends of 90% of their taxable income. If a REIT’s taxable income is $1.5 million, what will be the total payout of its annual dividends?
You have no balance on your card, nor did you use it last month. Your card has a minimum finance charge fee of $5 per month and an APR of 12%. What is your new balance?
You purchased two condos for $100,000 cash down, with loan/insurance payments of $1,500/month for the next 10 years. Your association fees are $150/month.You plan to rent out one of the condos to
You have a credit card balance of $10. You have made no charges this past month. Your card has a minimum finance charge fee of $5 per month and an APR of 12%. What is your total balance due this
You purchased a house for $100,000 cash and you sold it in one year for $125,000.You had to pay $5,000 in taxes and repairs before you sold it.What is your ROI?If you financed $80,000 with a bank,
You had a $1,000 balance last month after your payment on your credit card. You charged one pair of shoes on the 10th for $100. Your card has a minimum finance charge fee of $5 per month and an APR
Nicole still has her checking account with her hometown bank and the ATM fees are killing her. Jack banks at the local credit union that has 10 ATMs around town and allows unlimited use of their own
You moved into an apartment and brought your parent’s second-hand furniture and dishes from home. You purchased a new TV, computer, and microwave for $2,000. You have all your clothes with you,
List 10 things you can do to protect yourself against identity theft.
Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the credit card as a back-up. You plan to request your limit be raised after three months of charging only
If you purchased a lot for $10,000, paid $500 in taxes over a five-year period, and then sold the lot for $15,000, what is your ROI? What would your annual ROI be?
You make $45,000 a year and have disability insurance that will kick in at 70 percent of your salary after a 90-day disability period. Collectively, how many vacation and sick days do you need to
Your card has a limit of $20,000. You currently have used 90% of your credit limit. To improve your credit score, how much should you pay down on your balance?
If your prescription drugs cost $150 and your plan calls for a $25 copayment plus 20 percent coinsurance, how much will the prescription end up costing you and how much will the insurance company end
You have a copay of $25 per clinic visit and a maximum out-of-pocket expense of $500. How many times can you visit the doctor this year before you no longer have to pay the copayment?
If your credit card limit is $15,000 and lenders like to see you using no more than 30% of your available credit, what is the most you should charge?
Blake and his housemates are excited about their investment club and it has been going well.Leigh is ready to present her recommendation to the group but is hesitant. So far, Brett presented one of
You are about to set sail on your long-term goal of sailing the seven sees over a seven-year period. You anticipate expenses to run $300,000 per year and that you will be earning 3% interest on your
If you carry an auto liability insurance requirement of 10/20/10 and are at fault for an accident that totals the other driver’s car, will your insurance cover the replacement value? The other
If you carry an auto liability insurance requirement of 20/40/10 and are in a car accident where there are three persons in the other car whose medical bills are $7,250, $10,500 and $30,000, how
If 850 is a perfect FICO score and you have no new credit but are perfect in all other categories, what would you estimate your FICO score to be? DRIVERS OF YOUR FICO SCORE Types of Credit 10% New
If you are at fault in an auto accident and carry an auto liability insurance requirement of 20/40/15, what is the total dollar amount of your coverage?
Clay really likes Nike and has purchased stock in the company.Nike has just announced that it is issuing $10 million in bonds at 5% for 10 years.a. What would be the advantage for Clay to buy Nike
At the birth of the twins, the grandparents gifted $10,000 to buy bonds for the newborns as a start to their college savings.a. Which type of bonds should be bought and why?b. What options are there
You buy a municipal bond for $20,000 with an interest rate of 5%, and you hold it until its maturity date in 10 years.a. What is the amount of the interest payment you will receive every six
You are looking to improve your credit score quickly. To make the most progress, which two areas should you concentrate on first? DRIVERS OF YOUR FICO SCORE Types of Credit 10% New Credit 10% History
Blake works during the semester breaks for the family business and has earned $14,000 this past year. Any investment income above $800 would be taxed at the same rate as his parents who are in the
Audrey has a new checking account and she wants to complete the check register for the month. She started with a balance of $1,500 and wrote one check (#1001) on 8/22 at U Books for $378.21 for this
Jerry is celebrating the birth of his first child and both sets of grandparents want to set aside money to go toward the newborn’s college fund. What options would you recommend to them and why?
Aunt Emma passed away and the family is together listening to the reading of her will. Sheila learned that her younger brother who is 10 years old, her older brother (who has just graduated from
You opened up a new account that pays 4% interest on the average balance of the account for the month but charges 25 cents for every transaction. What is your break-even point (number of
At the end of the month, you have only $10 left in your checking account. You deposit your $200 paycheck from your part-time waitressing job, but the restaurant is not doing well and your paycheck
You have $500 in a share draft account. You earn 4% interest, compounded monthly. You have set up your account so that your annuity payment of $1,000 is deposited on the first of each month. You
You have $1,000 in a savings account and your checking account requires an $800 balance. You are earning 1% on your savings account. If you go below an $800 balance on your checking account, you
Jenn invested in a 5-year corporate bond for $10,000 at 7% interest three years ago paying interest annually. She is now planning a wedding and would like to cash in her bond to help finance the
If you had $5,000 to invest in bonds and your intent was to ladder the bond investments at segments of $1,000 every year, for what period of time would each bond be set?
You plan to contribute $1,200 each year to your nephew’s college education. He will graduate from high school in 10 years. Interest rates are 6%. Calculate how much money you should have saved for
You plan to buy a boat in 10 years for no more than $25,000. If interest rates are running 5% annually, calculate how much you need to put away each year using the following methods:a) Long-hand
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