Name: ______Due Date: ______Class: ______

How much will it take? Real World Percentages

Congratulations! You have graduated from high school. You just got your first job working at ______, you are buying your first car, and moving into your first apartment. How much will it take?

Step I: Calculating your income

As an entry level employee, ______has offered you a job making ______per hour. You will work 40 hours per week. Using this information, calculate the following:

Total wages per week: ______

Federal and state taxes: (15% of your total wages) ______

Payroll taxes: (7.65% of your total wages) ______

Total taxes ______

Weekly take home pay: ______

Monthly take home pay: ______

Step II: Buying your first car

You are going to need a car in order to be able to get to work. Using the classified section of the Southwest Times Record, select a car:

Make: ______

Model: ______

Year: ______

Any options: ______

Price in the newspaper: ______

Did you make a good deal? Check your discount rate using the Kelley Blue Book value for your selected car online.

Blue Book value: ______

Percent of change between the Blue Book Value and purchase price ______

Now you need to pay the sales tax on your car, so you can get car tags. Go to the Department of Finance and Administration to find the sales tax rate on used cars.

Sale Price of your car: ______

Sales tax rate: ______

Amount of sales tax: ______

Total cost of your car: ______

Your Grandmother offered to finance your car using simple interest over 5 years. The interest rate she is charging is 5%. Use this information to calculate your payment.

Principal: ______

Rate: ______

Time: ______

Interest: ______

Yearly payment: ______

Monthly payment: ______

Step III: Furnishing your apartment

For graduation, your grandmother gave you $1,000 to buy furnishings for your apartment. Use the classified section of the Southwest Times Record. See if you can get all 7 of these items from the $1,000.

Item / Cost / Remaining Money
Sofa or Loveseat
One coffee table or two end tables
Bed or pull out sofa
Dresser
Dinner table and chairs
TV
Lamp

Step IV: Shopping for Supplies

During your senior year, you have been saving some money to get you started. You have saved up $200, and now you are ready to buy supplies for your apartment. At the Ramsey rummage sale, items are posted, and discounted just for you! All red dot items are 20% off, yellow dot items are 30% off, and blue dot items are 50% off. Choose 5 items, and calculate your total cost.

Item / Price / Discount
Rate / Sales Price / Remaining Money
1.
2.
3.
4.
5.

Step V: Monthly Expenses

So, you have your job, car, furniture and supplies. It is time to choose a place to live, and make sure you have what it takes.

Using the classified section of the Southwest Times Record, choose an apartment, duplex, rental home or other place to rent:

Name of rental property: ______Monthly rent: ______

Complete the budget table below. For any expenses that you don’t know, interview an adult to get estimates.

Name of adult interviewed: ______

Monthly Budgeted Expenses
Rent
Car payment
Insurance
Utilities (electricity, gas, water)
Cable
Phone
Food
Total:

So, now let’s put it all together. What will it take?

Monthly take home pay: ______

Monthly budgeted expenses: ______

Do you have enough money?

Find the difference between take home pay

and your monthly expenses. ______

If you don’t have enough money to meet your monthly expenses, what will you reduce or eliminate?

______

______

______

______

Is there anything you would add to your monthly budget? If so, what? How will you pay for it?

______

______

______

______