Form Three Consumer Arithmetic Assignment You are now twenty-six years old with a first degree, and a promotion at your company is inevitable. With this promotion, your salary will be $ 4200.00 (XCD), before deductions, every month. You are excited because the salary increase will enable you to possibly: (a) Purchase a Toyota Aqua 2018 model (b) Rent a studio apartment in the north (c) All of the above. In all this excitement, you need to remember that: (1) your income tax is 10% of your gross income (2) you pay $160 (XCD) to the National Insurance Cooperation (NIC) (3) your health and life insurance policies amount to $140 (XCD) (4) you pay $800 (XCD) monthly to "Bank of St. Lucia" for your student loan (5) your postpaid cell phone bill with "Flow" is $115 (XCD) (6) you spend an average of $800 (XCD) at the supermarket and $200 (XCD) at the salon every month (7) your Netflix monthly subscription is $7.99 (US) (8) your Amazon Prime monthly subscription is $14.99 (USD) (9) your Spotify monthly subscription is $10.99 (USD) (10) you keep $200 (XCD) for emergency purposes (11) you save 5% of your gross monthly salary at the Janou Credit Union The conversion rate from USD to XCD is USD1 to XCD 2.7026. Your parents have advised that based on your gross monthly income, you can afford all the financial changes you would like to make. However, you must thoroughly investigate how you can afford these financial changes for two years. Any lending institution you approach requires your debt-service ratio to be 60%. First, prepare a document that presents the following data: Detailed information on: (a) The total deductions that differentiate gross and net pay (b) Purchasing a vehicle from an identified company using a specific lending institution. Include insurance premiums, road tax, car servicing cost (four per year), and fuel. (c) Renting a studio apartment that needs to be fully furnished with an average utility cost of $300 (XCD) for water and electricity. Identify the furniture you need, where you intend to purchase, and the most economical option. Then, you need to compare the two options to determine which option is more financially economical over two years. You need calculations to support your decision. Finally, given your financial responsibilities and constraints, you will conclude what course of action is best for you in the long term.
Form Three Consumer Arithmetic Assignment You are now twenty-six years old with a first degree, and a promotion at your company is inevitable. With this promotion, your salary will be $ 4200.00 (XCD), before deductions, every month. You are excited because the salary increase will enable you to possibly: (a) Purchase a Toyota Aqua 2018 model (b) Rent a studio apartment in the north (c) All of the above. In all this excitement, you need to remember that: (1) your income tax is 10% of your gross income (2) you pay $160 (XCD) to the National Insurance Cooperation (NIC) (3) your health and life insurance policies amount to $140 (XCD) (4) you pay $800 (XCD) monthly to "Bank of St. Lucia" for your student loan (5) your postpaid cell phone bill with "Flow" is $115 (XCD) (6) you spend an average of $800 (XCD) at the supermarket and $200 (XCD) at the salon every month (7) your Netflix monthly subscription is $7.99 (US) (8) your Amazon Prime monthly subscription is $14.99 (USD) (9) your Spotify monthly subscription is $10.99 (USD) (10) you keep $200 (XCD) for emergency purposes (11) you save 5% of your gross monthly salary at the Janou Credit Union The conversion rate from USD to XCD is USD1 to XCD 2.7026. Your parents have advised that based on your gross monthly income, you can afford all the financial changes you would like to make. However, you must thoroughly investigate how you can afford these financial changes for two years. Any lending institution you approach requires your debt-service ratio to be 60%. First, prepare a document that presents the following data: Detailed information on: (a) The total deductions that differentiate gross and net pay (b) Purchasing a vehicle from an identified company using a specific lending institution. Include insurance premiums, road tax, car servicing cost (four per year), and fuel. (c) Renting a studio apartment that needs to be fully furnished with an average utility cost of $300 (XCD) for water and electricity. Identify the furniture you need, where you intend to purchase, and the most economical option. Then, you need to compare the two options to determine which option is more financially economical over two years. You need calculations to support your decision. Finally, given your financial responsibilities and constraints, you will conclude what course of action is best for you in the long term.
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter1: Foundations
Section1.2: Use The Language Of Algebra
Problem 179E: Car insurance Justin’s car insurance has a $750 deductible per incident. This means that he pays...
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Transcribed Image Text:Form Three
Consumer Arithmetic Assignment
You are now twenty-six years old with a first degree, and a promotion at your company is
inevitable. With this promotion, your salary will be $ 4200.00 (XCD), before deductions, every
month. You are excited because the salary increase will enable you to possibly:
(a) Purchase a Toyota Aqua 2018 model
(b) Rent a studio apartment in the north
(c) All of the above.
In all this excitement, you need to remember that:
(1) your income tax is 10% of your gross income
(2) you pay $160 (XCD) to the National Insurance Cooperation (NIC)
(3) your health and life insurance policies amount to $140 (XCD)
(4) you pay $800 (XCD) monthly to "Bank of St. Lucia" for your student loan
(5) your postpaid cell phone bill with "Flow" is $115 (XCD)
(6) you spend an average of $800 (XCD) at the supermarket and $200 (XCD) at the
salon every month
(7) your Netflix monthly subscription is $7.99 (US)
(8) your Amazon Prime monthly subscription is $14.99 (USD)
(9) your Spotify monthly subscription is $10.99 (USD)
(10) you keep $200 (XCD) for emergency purposes
(11) you save 5% of your gross monthly salary at the Janou Credit Union
The conversion rate from USD to XCD is USD1 to XCD 2.7026.
Your parents have advised that based on your gross monthly income, you can afford all the
financial changes you would like to make. However, you must thoroughly investigate how you
can afford these financial changes for two years. Any lending institution you approach requires
your debt-service ratio to be 60%.
First, prepare a document that presents the following data:
Detailed information on:
(a) The total deductions that differentiate gross and net pay
(b) Purchasing a vehicle from an identified company using a specific lending institution.
Include insurance premiums, road tax, car servicing cost (four per year), and fuel.
(c) Renting a studio apartment that needs to be fully furnished with an average utility cost of
$300 (XCD) for water and electricity. Identify the furniture you need, where you intend to
purchase, and the most economical option.
Then, you need to compare the two options to determine which option is more financially
economical over two years. You need calculations to support your decision. Finally, given your
financial responsibilities and constraints, you will conclude what course of action is best for you
in the long term.
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