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Consider each of the following case studies. For each scenario,create a monthly budget. You will have to make reasonableassumptions for many expenses based on personal experience andinternet research. Where required, include a description of anyassumptions made.Case Study 1Part 1Kevin has recently graduated from a college program in ComputerEngineering Technology and has accepted a job with a computernetworking company in Kitchener, Ontario. His monthly salary afterdeductions is $2235. Kevin rents a one-bedroom apartment in town.His monthly rent is $950 plus electricity, phone, internet, andcable. Kevin owns an older car which seems to need many repairslately. Kevin is also a big movie fan. Between going to the moviesand buying DVD’s, Kevin estimates that he spends $60 per week.Part 2Kevin borrows $12 000 to buy a new car. His car loan chargesinterest of 6.9% /a, compounded monthly. The loan is amortized over3 years. Use the TVM Solver to determine his monthly payments.Create a revised budget to reflect this expense. You will likelyneed to reduce some of Kevin’s expenses so that he can afford hiscar payments.