CASE STUDY The Miller's Budget Nancy and Shawn Miller are a newly married couple in their...

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CASE STUDY The Miller's Budget Nancy and Shawn Miller are a newly married couple in their early 30's. They are currently renting a one- bedroom apartment in the city but would like to purchase a two-bedroom condominium within the next two years. Their combined gross annual income in $96,000. Each month, they pay $700 in wedding debt and $610 for student loans. Rent is $1,200 and includes utilities. Their monthly transit passes cost $200. They spend $520 each month on groceries and an additional $275 for cable, Internet, and telephone. Approximately $250 is spend every month on clothing. They like to have about $350 per week in discretionary income for leisure and miscellaneous expenses, such as movies, books, and CDs. They would like to save $15,000 over the next two years for a down payment. 1. Create a monthly budget for Nancy and Shawn. Assume tax deductions of 30%. CASE STUDY The Miller's Budget Nancy and Shawn Miller are a newly married couple in their early 30's. They are currently renting a one- bedroom apartment in the city but would like to purchase a two-bedroom condominium within the next two years. Their combined gross annual income in $96,000. Each month, they pay $700 in wedding debt and $610 for student loans. Rent is $1,200 and includes utilities. Their monthly transit passes cost $200. They spend $520 each month on groceries and an additional $275 for cable, Internet, and telephone. Approximately $250 is spend every month on clothing. They like to have about $350 per week in discretionary income for leisure and miscellaneous expenses, such as movies, books, and CDs. They would like to save $15,000 over the next two years for a down payment. 1. Create a monthly budget for Nancy and Shawn. Assume tax deductions of 30%.