Real Life Math Project

Last updated over 4 years ago

17 Nsɛmmisa

Akwankyerɛ

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House (Part 2)

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Car (Part 3)

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Ɛhia

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Food Shopping List

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Ɛhia

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Real Life Math Project

Last updated over 4 years ago

17 Nsɛmmisa

Akwankyerɛ

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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

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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

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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

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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

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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

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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

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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

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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)

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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)

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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)

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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

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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

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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

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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

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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