Excel Financial Project paper

Excel Financial Project

Order ID	53003233773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Table of Contents

 

 

Description / paper instructions
Using excel, calculate the expected income of $89,470 of an median annual income and where the median hourly wage is $40.61 an hour. Compare this to a high school graduate that has a median annual income of $24,500.

Then, compare the salary of $89,470 to the median annual income of $48,970, with that median hourly wage being $22.51. How would this affect the financial planning?

Housing Comparison: Current 30 year mortgage rates are at 3.75% and a good rule of thumb is to spend no more than 25% of your gross income on house payments (Note: We are using a different formula here than the ‘Total Expense Ratio’ in the book, so you will not need to know tax and other info). Use Excel to determine the largest value of a house that could be bought using a 30-year mortgage at 3.75% with payments that are 25% of the gross monthly income for someone with only a high school diploma and then do the same calculation using your expected salary. Also, assume 3.125% interest on a 15-year mortgage, and calculate the largest value of house that could be afforded under this type of mortgage. Make a couple statements comparing your findings. Use Excel to create an amortization table for ONE of the following: a 30 year mortgage with your anticipated income, a 15 year mortgage with your anticipated income, a 30 year mortgage for someone with the income of a high school graduate, and a 15 year mortgage for someone the income of a high school graduate. Highlight the tenth year of the amortization table. How much of the loan have you paid off after 10 years? (This is related to the idea of home equity, which is the current value of the home minus the amount owed on the home. Note that you build equity more quickly with a 15-year mortgage, because more of each payment goes toward repaying the principal.) Calculate the total price of each home. How much more interest is paid?

Retirement Comparison: Your future employer will match your 401k investments 50%, but your high school counterpart does not receive help with their retirement plan from their employer. You and your high school counterpart are able to invest at least 6.25% of your salary in a 401k investments that will earn a 4.49% annual return. Use Excel to determine the balance on such a 401K after 40 years of investment for the high school graduate and for your expected income. Also use Excel to determine how many years it would take for the high school graduate and for your expected investment to reach $250,000.

Raises: The high school graduate’s income is not expected to increase over the next five years, but assume that your field will guarantee you a 2.25% raise on your annual salary each year for the next five years. Determine what your new annual salary will be given these five years of raises. Using this new income, recalculate the 30 year mortgage from part 2. Also recalculate the 40 year 401 k information from part 3 using this new income (use the new income and 40 years for this, don’t worry about the complication of 5 years of changes).

 

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