Real Life Math Project

Last updated almost 4 years ago

17 questions

Instructions

\mathbb {ThIs\>is\> ReAl\>\>LiFe\>}

You have been working hard to save money for the past 5 years. 
Now, you are ready to buy a house and car and get on your own. 

The money you have saved is going to go towards the down payment of your house andcar. You will complete each of the tasks below:
Every day you must complete a journal entry using the journal entry prompt. This can be found on page 12. 

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Part 1- Career


Choose a career card. On the card is your yearly salary. That is the amount of money you will make in 1 year.
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Part 2- Taxes

Out of every persons paycheck comes taxes. 
Use the expense chart to find the amount of money that will be taken out of your check for each tax and how much money you will have remaining.
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Part 3- House

Where are you going to live? 
Based on your monthly income, determine which type of house you can afford.
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Part 4- Car

What are you going to drive? 
Based on your income, determine what kind of car you can afford to buy.
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Part 5- Food Shopping

Use the laptops to go food shopping at a local supermarket.
Make a shopping list with the prices of each item to estimate
the amount of money you will spend on food in a month.
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Part 6- Monthly budget

Use the monthly budget chart to determine how much money you will spend on various expenses each month.
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Part 7- Journal

You will keep a daily journal throughout this project.
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Part 8 - Rubric
Use the Rubric and grade your project. Be sure you have included everything listed in the rubric.

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Taxes (Part 1)

*

Required

a) Annual Income _______ 
b) Federal Tax _______ 
25% of annual income if you make $36,900-$89,350
28% of annual income if you make $89,350-$186,350
33% of annual income if you make $186,350- $405,100
c) State Tax _______ 
d) Local Tax _______  
(Estimate to be 2.45% of annual income )

e) Local Tax _______  
(Estimate to be 2% of annual income )

f) Add B, C, D and E _______ 
g) Add Subtract A- F. = Yearly Income _______ 
h) Divide G by 12 = Monthly Income _______ 

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House (Part 2)

Click this link to choose your house https://kami.app/Bwj-NUs-6AY-ZMj
a) Price of House _______ 
b) Down payment of 20% _______ 
c) Subtract the total in step A from step B _______ (Money to borrow from the bank)
d) I = PRT
               Interest = (step C) • (.045) • (30)
Interest = Principle ($ borrowed) x rate (4.5%) x time (30 years) _______ 
e) Add the interest in step D to Money borrowed in step C. _______ 
f) Divide step E by 360 to find your mortgage for 30 years _______ 

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Car (Part 3)

Required

Click this link to choose your car https://kami.app/dTh-DXi-UiU-GbW
a) Price of Car _______ 
b) Down payment of 15% _______ 
         Multiply step A by 0.15
c) Subtract step A – step B Money to borrow from the bank _______ 
d) I = PRT
                   Interest = (step C) • (.045) • (5)
Interest = Principle ($ borrowed) x rate (4.5%) x time (5 years) _______ 
e) Add the interest  step D to the money borrowed step C _______ 
f) Divide step E by 60 to find your monthly car payment for 5 years _______ 

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Food Shopping List

Use this link to shop for food:  
https://drive.google.com/file/d/1YE_ngU8DcAKhqAzLTFFx50dPlz1pQ9rb/view?usp=sharing
Write item name & price of 6 items
Item #1 _______   Price_______ 
Item #2 _______   Price_______ 
Item #3 _______   Price_______ 
Item #4 _______   Price_______ 
Item #5 _______   Price_______ 
Item #6 _______  Price _______ 
TOTAL PRICE of ALL ITEMS _______ 

Milk, Yogurt and Cheese Food, Cereal Group
Write item name & price of 6 items
Item #1 _______   Price_______ 
Item #2 _______   Price_______ 
Item #3 _______   Price_______ 
Item #4 _______   Price_______ 
Item #5 _______   Price_______ 
Item #6 _______  Price _______ 
TOTAL PRICE of ALL ITEMS _______ 

Vegetable Food Group
Write item name & price of 6 items
Item #1 _______   Price_______ 
Item #2 _______   Price_______ 
Item #3 _______   Price_______ 
Item #4 _______   Price_______ 
Item #5 _______   Price_______ 
Item #6 _______  Price _______ 
TOTAL PRICE of ALL ITEMS _______ 

Fruit Food Group
Write item name & price of 6 items
Item #1 _______   Price_______ 
Item #2 _______   Price_______ 
Item #3 _______   Price_______ 
Item #4 _______   Price_______ 
Item #5 _______   Price_______ 
Item #6 _______  Price _______ 
TOTAL PRICE of ALL ITEMS _______ 

Meat & Eggs Food Group
Write item name & price of 6 items
Item #1 _______   Price_______ 
Item #2 _______   Price_______ 
Item #3 _______   Price_______ 
Item #4 _______   Price_______ 
Item #5 _______   Price_______ 
Item #6 _______  Price _______ 
TOTAL PRICE of ALL ITEMS _______ 

Snacks/Sweets/Drinks/Other Food Group
Write item name & price of 6 items
Item #1 _______   Price_______ 
Item #2 _______   Price_______ 
Item #3 _______   Price_______ 
Item #4 _______   Price_______ 
Item #5 _______   Price_______ 
Item #6 _______  Price _______ 
TOTAL PRICE of ALL ITEMS _______ 

Required

a) Final Total for the week  _______ 
            ADD ALL TOTALS from food sections above 
b) Final total for the month  _______ 
            MULTIPLY (step A) • (4) 

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Monthly Budget

Required

a) Monthly Income _______  
b) Mortgage: _______ 
c) Car Payment _______ 
d) Food: _______ 
e) Electric/Gas/water _______ 
             MULTIPLY (the price of your house) • (.001)
           (estimate to be 0.1% of the price of your house)

f) Car and homeowners Insurance $180
g) Other: _______ 
h) Other: _______ 
i) Other: _______ 
j) Total Expenses _______ 
                  Add steps (B+C+D+E+F+G+H+I)
k) Savings _______  
                 Subtract (step A –  step J)

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Rubric

Expense Chart 40 points
Your points _______ 
Each part of the expense chart is worth 2 points. 
All answers must be correct to receive credit. 

House 5 Points 
Your points _______ 
Your house must be in your price range. 

Car 5 points 
Your points _______ 
Your car must be in your price range.

Food Shopping 16 points 
Your points _______ 
Shopping List must include at least 2 items in 
each category, prices must be correct and the 
final total must be correct. 

Monthly Budget 22 points
Your points _______ 
Each part of the monthly budget chart is worth 2 
points. Answers must be correct to receive 
credit. 

Journal 10 points 
Your points _______ 
Each journal prompt is worth 2 points. All journal 
prompts must be completed neatly with at least 3 
sentences per response. 
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Add your total points from above for your 
Final Grade _______ 