Answer Happy

Part Thinking/Inquiry/Problem Solving [10 marks] 1. Darnell and Lucinda have been married for 3 years and have no children Damell is a dry waller whose monthly net income is $3000. He drives a leased van, with monthly payments of $350,00. Car insurance for the van is $1100 per year, and fuel is $300.00 per month. Lucinda is an elementary school secretary who walks to work. Her gross annual salary is $25 000, with deductions totaling 18% of her gross salary Darnell and Lucinda have just purchased a $112 000 condominium townhouse. They made a 10% down payment and mortgaged the rest. Their monthly mortgage payments are $935.00, the condo fees are $45 per month and utilities (hydro, water, gas, telephone and cable) cost $300 per month. Property taxes are $1200 per year and home insurance is $1100 yearly Their monthly credit card payments average $350. Through monthly payroll deductions, they contribute $50 toward Canada Savings bonds and $100 toward an RRSP. Complete the monthly budget summary INCOME
Total Monthly Income EXPENSES Total Monthly Expenses INCOME – EXPENSES