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Personal Finance Game

Personal Finance Game . REVIEW GAME . Rules . Divide yourselves into 2 teams Each team will be given a chance to answer the question, if your team answer correctly you will get the point, if not the other team will get the chance to steal within the first 5 min

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Personal Finance Game

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  1. Personal Finance Game REVIEW GAME

  2. Rules • Divide yourselves into 2 teams • Each team will be given a chance to answer the question, if your team answer correctly you will get the point, if not the other team will get the chance to steal within the first 5 min • Make sure everybody from your team answers at least once before progressing to the same person • Have fun 

  3. Budgeting • 1) Money that you earn is called ____________ • 2) The two types of expenses are _______________ and _______________

  4. Definitions • 1) Landlord • 2) Annuity • 3) Utilities • 4) Lease • 5) Mortgage • 6) Fixed rate mortgage • 7) Mortgage term • 8) Amortization

  5. Annuity • You deposit $100 per month into an account paying 1.25% per year, compounded monthly. What is the future value of this account after three years?

  6. Annuity • A charity lottery is offering a grand prize of $100 000 at the end of each year for 20 yearsWhat is the total amount the winner will collect?

  7. Mortgage Mr Cheese obtained a five mortgage for $207 000 on the purchase of two bedroom condo. The mortgage is amortized over 25 years at 6.32% per year, compounded semi-annually. A) Determine the monthly mortgage paymentB) How much will Mr Cheese pay over the five year term?

  8. mortgage • Ms. Cheese purchased her first home for $255 000, and she paid the minimum 5% down payment and mortgaged the rest. She found a bank offering an annual interest rate of 5.49% for a 5 year fixed mortgage based on an amortization period of 25 years. A) Calculate the down payment and the amount to be mortgagedB) Determine the monthly payment

  9. Mortgage – EVERYONE PLAYS • Consider the amortization table for the first year of a $370 000 mortgagea) Calculate the monthly payment b) Calculate the total amount paid in the first year

  10. Last Round • Homer is retired with a fixed income of $1900 per month. He lives in a one bedroom condo. His mortgage payment is $618 per month. The common fees associated with the condo are $325 per month. He also receives a bi-monthly electricity bill for $130 and a monthly water bill for $60.a) Calculate his fixed monthly accommodations expensesb) Calculate his average monthly utility expensesc) How much of his income is left over for other living expenses (such as donuts…..)?

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