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Year 12 General Mathematics 1

Focus Study:

Mathematics and Household Finance

MATHEMATICSASSESSMENT TASK

Name:

Year: 12

Course: General 1 Mathematics

Title: Mathematics and Household Finance

Due Date: Term 1, Last lesson of Week 9

Weighting: 30%

Topics to be assessed:

FSHo1CEC: Accommodation CostsFSHo2CEC: Costs of Running a Household

Description of the Task:

Create a Budget Portfolio. The portfolio will consist of two parts.

Part 1 – Coursework (p3 – 52)Worksheets for each lesson – all will be supplied in a booklet and a copy will be placed on Edmodo.

Part 2 – Creating a Budget (p 53 – 61)Step 1: Choose a “Living Scenario”Step 2: Find your AccommodationStep 3: Identify ExpensesStep 4: Create your budget using a spreadsheet

Method ofSubmission:

Your work needs to be clearly labelled and presented either as a hard copy or uploaded onto Edmodo.Coursework must be signed off each lesson.The budget is to be submitted to your class teacher on the due date.

Method ofSubmission:

Late submissions (that do not have a valid excuse) will receive a mark of zero.

Work that is plagiarised will also receive a mark of zero. Sources that have been used in your assignment need to be

acknowledged in a bibliography and/or the assignment Computer / printer malfunctions are not considered a valid excuse for

submitting an assignment late.

Page 2 of 55

PART A: Coursework

FS: Mathematics and Household Finances – OVERVIEW Completed

Lesson 1.1 Overview of Renting

Lesson 1.2 Real Estate Talk

Lesson 2.1 What do I need to know about Renting

Lesson 2.2 Calculating Rent

Lesson 2.3 Group ICT activity

Lesson 3.1 What do I need to know about being a Tennant?

Lesson 3.2 Calculating Bonds

Lesson 3.3 Bonds, Leases and Moving In…

Lesson 4.1 Share Accommodation

Lesson 4.2 Calculating Costs of Shared Accommodation

Lesson 5 Other Accommodation

Lesson 6 Should I buy?

Lesson 7.1 How much do you end up paying?

Lesson 7.2 How much of my own money do I need?

Lesson 8.1 How much can I borrow?

Lesson 8.2 Repaying a mortgage: long term cost

Lesson 9 What if something goes wrong?

Lesson 10 Household Bills

Lesson 11 Budgets

Lesson 12.1 Household Renovations

Lesson 12.2 Updating a bathroom

All of these activities must be completed and submitted each lesson in order to pass this course. The completed booklet IS part of your Assessment Task for this course.

If you are ABSENT for any lesson, you must catch up on the work and submit it within 3 lessons.

Page 3 of 55

Lesson 1: Overview of RentingThere is a lot of information you need to consider before you rent a property to live in.

A lease is a binding, legal document. Once you have signed a lease you are committed to renting the property and paying the rent for the whole period of the lease.

It is not just the rent that needs to be calculated. Renting involves other bills and expenses.

Brainstorm all the expenses you need to consider when moving out of home.

Moving out from your family home might seem like a great idea, but as a first-time renter there are a few things you should know so the experience doesn't become a nightmare.

Group ICT Task

Create a 10 slide “Awareness” powerpoint presentation which explains what one needs to

look out for when moving out of home. Use https://www.moneysmart.gov.au/life-events-and-you/under-25s/moving-out-of-home/before-you-move-out as a guide for what to include.

Page 4 of 55

Where you choose to live will depend on the amount you pay. Research the cost of renting 2 apartments and 2 houses from the following websites: www.realestate.com.au or www.domain.com.au

Apartment 1:

Bedrooms:

Bathrooms:

Location:

Weekly Price:

Apartment 2:

Bedrooms:

Bathrooms:

Location:

Weekly Price:

House 1:

Bedrooms:

Bathrooms:

Location:

Weekly Price:

House 2:

Bedrooms:

Bathrooms:

Location:

Weekly Price:

Page 5 of 55

Real estate agent talk

A local real estate agent will talk to you about a types of accommodation available locally, all the costs involved, bonds and other related issues.

Write a summary about what is involved in renting accommodation. Make sure you include information about costs, bonds, non-payment of rent, failure to keep the property clean and damage to the property.

Page 6 of 55

Can you speak ‘real estate’?

AC –

WIR –

3BR -

LUG –

DLUG -

BIR –

M/F –

FURN –

PW –

FLR –

N/S –

INT LDRY –

C/SPC –

FAC –

CLS -

Page 7 of 55

Lesson 2.1: What do I need to know about Renting?

Complete the following passage about finding accommodation by writing the words in the rectangle in the appropriate places.

Word list

someone fortnight apartment too

accommodation rent debit bond

lease entertainment account electricity

afford budget transport

Dave has finished his TAFE course and he is going to start a new job in Canberra in 2 weeks

time. Because it is 1____________________ far to travel from home to his new job every day, Dave is

going to find a place to 2____________________ in Canberra.

Dave has seen an 3____________________ he likes. Its weekly rent is $310. Dave plans to pay

$620 rent per 4____________________ by direct 5____________________ from his bank

6____________________.

Before he can move in, he needs to sign a 7____________________ , which is a formal legal

document, pay a 8____________________ of $1240, and pay to have the electricity and water

connected.

Dave draws up a 9____________________ to help him manage his money. In addition to his rent,

Dave allows $120 per week for food, $50 to cover 10____________________ and water, and $40 for

fares for public 11____________________ to work. After all expenses, Dave calculates that he will

have $60 per week to pay for clothes, 12____________________ and savings.

After completing his budget, Dave decides that he can’t 13____________________ to rent the

apartment on his own. He will have to find either cheaper 14____________________ or

15____________________ to share the apartment.

Page 8 of 55

Lesson 2.2: Calculating rent

➜Hint: Weekly rent is NOT monthly rent divided by 4 because there are not exactly 4 weeks in a month. To calculate weekly rent divide the annual rent by 52.

1. Mirella is renting a property that was advertised as $210 per week. How much is the rent:

a. per fortnight? _______________________________

b. annually? _______________________________

2. Majid’s rent is $524 per fortnight.

a. How much is his weekly rent?

_______________________________

b. Calculate the annual rent. _______________________________

3. The monthly rent on a granny flat is $560.

a. What is the annual rent? _______________________________

b. Calculate the weekly rent. _______________________________

4. The annual rent on a home unit is $13 000.

a. What is the weekly rent? _______________________________

b. Calculate the monthly rent. _______________________________

5. Caleb is trying to decide between two similar units. One unit is advertised as $275 per week and the other as $14 250 annually. Which unit is the cheaper and by how much?

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

6. A two-bedroom unit in a security block is being rented for $410 per week. Due to increased expenses the owner is increasing the rent by 15%.

a. By how much will the weekly rent increase? _______________________________

b. Calculate the new annual rent. _______________________________

Page 9 of 55

Did you know?Landlords cannot increase the rent during a lease. If you sign a lease, the rent is fixed until the lease expires.

The law limits rent increases to a maximum of one in every 12-month period. If the rent is going to be increased, the tenant must receive notification in writing at least 8 weeks before the rise is due to start.

7. Anthony wants to rent a property close to the centre of town in Cleveland. The table summarises the properties advertised for rent in the local paper.

a. Calculate the average rent per week of the properties available for rent in Cleveland.

b. Anthony’s take-home pay is $465. If he rents the cheapest property available, how much will he have left from his pay after he pays his rent?

c. List three things, other than rent, that Anthony will have to pay for each week from his take-home pay.

d. Anthony doesn’t think that he can afford to rent any of the properties advertised for rent in Cleveland. Suggest some strategies he could use to obtain accommodation he can afford.

Lesson 2.3: Group ICT activity

To complete this activity you will need to log onto the ‘Properties for rent’ on one of the following websites: www.realestate.com.au or www.domain.com.au

What you have to do

Use the properties to rent menu to find properties available for rent in your local area.

What is the cheapest and the most expensive property available?

Calculate the annual rent for the cheapest property available for rent in your local area.

Estimate the weekly take-home pay you would need to be able to afford to rent the cheapest property in your local area.

Page 10 of 55

Lesson 3.1: What do I need to know about being a Tenant?

When you rent a home in NSW and become a 'renter' or a 'tenant', knowing your rights and responsibilities will help you avoid or resolve differences you may have with your landlord, real estate agent, house-mates or neighbours.

Use http://www.fairtrading.nsw.gov.au/Tenants_and_home_owners/Renting_a_home.html to answer the following questions.

1. What do you need to know when starting a tenancy?

2. What do you need to know during a tenancy?

3. What do you need to know when ending a tenancy?

Page 11 of 55

Lesson 3.2: Bonds, Leases and Moving In…

When you rent a property usually you will be required to pay a bond. The bond offers some security to the landlord in case you leave with rent owing or you damage the property.

1. The bond on each of these properties is the equivalent of 4 weeks’ rent.Calculate the bond for the following properties.

a. A townhouse with weekly rent of $246 ________________________________

b. An apartment with a weekly rent of $205 ________________________________

c. A studio apartment rented for $185 per week ________________________________

2. When David rented a small unit his bond was $648. The bond was equivalent to 4 weeks’ rent. How much is David’s weekly rent?

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

3. The landlord of an expensive waterfront property is planning to rent the property for $860 per week. The bond is $5160.

a. How many weeks’ rent is the bond? ________________________________

b. Suggest some reasons why the landlord may have set a high bond.

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

4. Billy rented a unit for $235 per week and his bond was 4 weeks’ rent. When Billy left the unit he owed 1 week’s rent. He had damaged the carpet and left the place dirty. The landlord deducted the rent owing, $280 to fix the carpet and $136 for cleaning. How much of the bond did Billy receive?

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

A lease is a formal legal document that sets out the conditions of a rental agreement. You should never sign a blank lease form nor a form that contains something you don’t understand. When you sign a lease your rent is fixed for the term of the lease.

Page 12 of 55

5. Keiran, Matthew and Russell plan to rent a three-bedroom unit in Telopia for $396 per week. Before they sign a lease they decide to look carefully at the costs involved. This table shows the initial costs.

a. Complete the missing values in the table.

b. Determine the total amount the boys will have to pay before they can move in.

c. How much of the initial costs will each of the boys have to pay if they share the costs equally?

d. The following table shows their estimated fortnightly expenses. Complete the table.

e. Calculate their total fortnightly expenses.

f. Calculate Keiran’s share of the fortnightly expenses.

g. Keiran’s take-home pay is $410 per week. How much will he have left over each fortnight after he has paid his share of the expenses?

h. What percentage of his fortnightly take-home pay will Keiran be paying on expenses?

i. Do you think that Keiran can afford to move out of home to share the unit with his friends? Why or why not?

Page 13 of 55

6. Jay, Michael, Andrew and James were students at Gympie State High School. After they finished Year 12 they spent a week in a holiday apartment in Cairns. They shared the costs equally and each boy paid $235 in rent and $250 for a bond.

a. How much rent did the landlord collect from the boys for the week?

b. While they were staying in the apartment, Jay accidentally broke the arm off the lounge chair. The repairs to the lounge cost $425. How much bond refund did each boy receive?

Group discussion question

7. Gisella is looking for some accommodation near her job in Chermside. Which of the following two places would suit Gisella best? Give reasons for your answer.

8. This is a copy of the electricity account Mary received for the unit she is renting.

Tenants are only required to pay for the electricity they use and the related GST. The landlord is responsible for all other electricity charges.

a. Calculate the value of the electricity Mary used, including the 4% discount.

b. GST is charged at 10%. How much GST does Mary have to pay on the cost of her electricity?

c. How much of the electricity account does the landlord have to pay?

d. The electricity account is for approximately 12 weeks. How much should Mary include in her weekly budget to cover electricity?

Page 14 of 55

Lesson 4.1: Share Accommodation

If you can’t afford to rent a property on your own, one option is to share accommodation with others. However, sharing with someone you don’t know can be a risk. They may have habits you don’t like, they may not like to do their share of the work or provide a fair share of food, or they may not pay their bills. If you need to share accommodation, make sure that you negotiate

who is going to be responsible for what and how much each person is going to contribute to costs.

Group ICT activity

To complete this activity you will need to access the weblinks ‘Shared accommodation’ and ‘Flatmate stories’ on the Companion Website.

What you have to doClick on the shared accommodation menu at the top of the website when you access the ‘Shared accommodation’ weblink: Sydney Share Accom - flatmate.com , or Share Accommodation - realestate.com.au. Locate some shared accommodation in Sydney that costs less than $180 per week.

Describe the location, the accommodation facilities and the type of flatmate the advertiser is looking for.

Use the ‘Flatmate stories’ weblink: http://youngadults.about.com/u/ua/dormlife/worstroommate.htm or http://www.news.com.au/realestate/renting/tips-on-finding-the-perfect-flatmate/story-fndbatbk-1226693506316 to read about some of the experiences others have had with flatmates.

Imagine that you are going to advertise for a flatmate.

In your group, discuss what characteristics you would like the flatmate to have.

Decide what expectations you have of the flatmate.

Write a four-line advertisement describing the accommodation you have to offer and the type of flatmate you require.

Page 15 of 55

Lesson 4.2: Calculating Costs of Shared Accommodation

1. Cameron and Thomas are renting a unit and sharing the costs depending on the sizes of their bedrooms. The floor area of Cameron’s bedroom is 15 m2 and the floor area of Thomas’s room is 12 m2.

a. Calculate the total floor area of the two bedrooms in the unit.

b. What fraction of the total bedroom floor area is the floor area of Cameron’s bedroom?

c. The weekly rent is $243. Calculate Cameron’s share of the weekly rent.

d. How much rent will Thomas have to pay per week?

2. Rachel and Kerri are sharing a garden unit. Kerri’s bedroom has a floor area of 13 m2 and Rachel’s has a floor area of 12 m2. Their weekly rent is $225. How much do you recommend each girl should contribute to the rent?

3. Bundy and Guy rent a property for $240 per week. Bundy’s bedroom is twice as big as Guy’s. How much rent do you think Bundy should pay?

4. When Sylvia and Liz rented an apartment together, Sylvia took the small room with a separate bathroom and Liz took the big bedroom with the ensuite bathroom. This table shows the floor areas of the bedrooms and bathrooms.

The weekly rent for the apartment is $396. How much do you think each girl should pay towards the rent each week? Give a reason for your answer.

Page 16 of 55

5. Peter and Carlos are going to share a flat for $180 per week. The rent covers equal size bedrooms but only one garage. The real estate agent told them that having a garage adds $45 to the rent. Carlos is going to park his car in the garage. What would be a fair way for the boys to divide the rent? Give a reason for your answer.

6. Carol, her husband Andrew, and their two friends Alison and Wayne, are going to rent a three-bedroom, one-bathroom house for $325 per week. Their weekly food bill is $180 and they save $25 per week to cover electricity and water. They plan to share the rent based on the floor areas of their bedrooms and share all other expenses equally. The floor areas of the bedrooms are given in the table.

Determine the total amount each person will have to pay each week for rent, food and other expenses.

7. Roberto is a keen gardener. When he and Melissa decided to share a garden villa, Roberto agreed to take care of all the lawns and gardens and share all the other tasks equally. In return, Melissa agreed to pay a larger share of the rent. The rent is $280 per week. How much rent should Roberto pay?

Page 17 of 55

Lesson 5: Other Accommodation

If you don’t want to share an apartment and you can’t afford to rent your own, there are other options. Investigate the cost, advantages and disadvantages of the following “Other Types of Accommodation”:

Staying in a boarding houseCost Advantages Disadvantages

Getting a job with accommodation providedCost Advantages Disadvantages

Renting a room in a private houseCost Advantages Disadvantages

Living in a cabin or a van in a caravan parkCost Advantages Disadvantages

Sometimes staying at home can become much more attractive, when you consider the cost of an alternative!

1. Darryl has a job as a maintenance man in a motel. He is paid $16.10 per hour for a 40-hour week. In addition he is provided with a small flat at the motel to live in for the cost of $25 per week.

a. How much does Darryl earn per week?

b. Darryl has the cost of his accommodation and another $170 for tax deducted from his weekly pay. Calculate his take-home pay.

c. A similar flat to the one Darryl has at the motel is rented for $155 per week. What percentage discount is Darryl receiving on his rent?

Page 18 of 55

2. Brian lives in a cabin he rents in a caravan park near the beach. He pays $10 per day for the cabin. He also pays $8 per fortnight for electricity.

a. Calculate the fortnightly cost of Brian’s accommodation and electricity.

b. Brian receives a disability pension of $480 per fortnight after tax. How much does he have left each week from his pension after he has paid for his rent and electricity?

3. Marcia is trying to save money for the deposit on her own unit. She was paying $210 per week on rent and $80 per week on food when she saw an advertisement looking for someone to live in a school boarding house. There is no pay for living in the boarding house, but all accommodation and food are provided in return for supervising students doing their homework at night.

a. How much money will Marcia be able to save in 1 year as a result of living in the school boarding house?

b. How long will she need to stay in the boarding house to save the $35 000 she needs for the deposit for her unit?

4. Terry is a university student from overseas who has come to Australia to improve his English. He has arranged to rent a room in a family home so that he can practise his conversational skills with the family members. Terry pays his host family $12 per day for rent, $60 per week for food and $45 per fortnight to have his laundry and ironing done.

a. Calculate Terry’s weekly cost for rent, food, laundry and ironing.

b. Terry rents the room for 42 weeks per year. He spends the remainder of the year with his family in China. How much does he pay his host family per year?

Page 19 of 55

Lesson 6: Should I buy?

Buying your first home is both exciting and nerve-wracking. It is a major decision that takes planning and research, and careful budgeting.

What do you need to consider before buying your own home?

Use the following website to create a checklist that will identify when someone is ready to buy their own house or apartment: https://www.moneysmart.gov.au/life-events-and-you/life-events/buying-a-home#ready

Page 20 of 55

Many first-home buyers are surprised and disappointed to learn of all the additional costs they need to pay when they buy a property. Usually the additional costs can be several thousand dollars. Some of the costs are:

$300 to $500 for a pest and building inspection. These inspections are to check that the building isn’t being eaten by white ants or borers and to make sure that the building is structurally sound.

$300 to $1000 for a survey. A surveyor checks that the house is on the right block of land and that the fences are in the correct positions.

$250 to $1000 for a solicitor’s or a conveyancing firm’s fees. They will check the legal side of your purchase. Among other things, these checks include making sure that the person who is selling the property is the owner of the property, that there are no outstanding taxes or other amounts of money owing on the property and that the land is suitable for your intended use.

Government stamp duty on the property, which can be $50 000 or more. The duty is determined by the value of the land.

Costs associated with borrowing money to buy the property. These include a government mortgage registration fee and stamp duty on the loan.

A government fee to transfer the title of the property.

Visit http://www.anz.com.au/personal/home-loans/getting-started/costs-buying-home/ and explain what fees and charges are applicable when purchasing a home.

Fees and Taxes when purchasing a home

DefinitionCost on a $500,000

house with 10% deposit

Cost on a $350 000 house with 20%

deposit

Stamp duty on a property purchase

Stamp duty on a mortgage

Registration fees on a property purchase

Registration fees on a mortgage

Title search

Solicitors / conveyances

Loan Approval Fee

Lenders Mortgage Insurance (LMI)

Page 21 of 55

Lesson 7.1: How much do you end up paying?

Real estate is expensive, and very few first-home buyers have sufficient money to pay for their first property. Just about everyone needs to borrow money when they buy their first home.

When you borrow money, you need to pay back everything you borrow PLUS interest.

Research FIVE different financial institutions and record the interest rates on home loans. Do any have special rates for first home owners?

Institution: Normal home loan rate First home loan rate?

Page 22 of 55

Lesson 7.2: How much of my own money do I need?

While some financial institutions offer loans that cover the whole price of a property, this can be expensive. Most financial institutions offer loans less than the full price, and the borrower must make up the rest of the price up-front as a deposit.

1. Jacob is saving for the deposit for a unit. He has $400 and each week he saves another $90. The account pays 4% p.a. interest.

a. How much will Jacob have in 5 years time?

b. How long will it take for Jacob to save $25 000?

2. Dagma has $725 in her account, which pays 4·9% p.a. interest. Each month she saves another $310.

a. How long will it take Dagma to save $13 500?

b. How much interest will be paid into her account?

3. Samantha wants to buy a unit but she doesn’t have any savings to use as a deposit. She needs $18 000. How long will it take her to save the deposit if she puts $135 per week into an account that pays 5·5% p.a. interest?

4. Pierres needs to save $12 000 in 2 years for a deposit on an apartment. At present he has only $200 in his savings account. How much will he need to save per week, at 5% p.a. interest, to reach $12 000 in 2 years time?

Page 23 of 55

5. a. Zada plans to save $220 per week. How long will it take her to save $18 000 if the interest rate is 4% p.a.?

b. How much quicker can she save $18 000 if the interest rate is 6·5% p.a.?

6. a. How much does David need to save per week to save $18 600 in 2 years if the interest rate is 5·5% p.a.?

b. How much extra does he need to save per week if the interest rate falls to 4% p.a.?

Group discussion questionImagine that you want to save a $20 000 deposit for your first property.

a. How could you obtain money to save?

b. Realistically, how much could you save each week?

c. What interest rate could you get on a special purpose savings account?

d. How long would it take you to save the deposit?

e. If you had a partner who could save the same amount as you, how much quicker could you both save the deposit?

f. If interest rates fall, what will happen to the size of the regular amount you have to save per week to reach a savings goal in 3 years time?

Page 24 of 55

Lesson 8.1: How much can I borrow?

Financial institutions won’t necessarily lend you all the money you want. They will only lend you an amount that they believe you are able to repay. In general, the more you earn and the bigger the deposit you have, the more institutions are prepared to lend you.

You need to ensure that you do not overcommit yourself. It is recommended that a mortgage can be repaid with 30% of your income.

Use the following website to determine the amount you can borrow based on repayments of 30% of your income. https://www.moneysmart.gov.au/tools-and-resources/calculators-and-tools/mortgage-calculator

Net fortnightly

income

Other monthly

payments

Remaining Fortnightly

Income

30% of remaining

income

Loan term

(years)Interest Rate Amount you

can borrow

$1350 $160 30 5%

$1440 $210 25 7.5%

$2100 $65 24 5.5%

$3500 $150 25 6.85%

$4000 $300 30 7.25%

How does the interest rate affect the amount you are able to borrow?

Net fortnightly

income

Other monthly

payments

Remaining Fortnightly

Income

30% of remaining

income

Loan term

(years)Interest Rate Amount you

can borrow

$1450 $120 25 5%

$1450 $120 25 5.5%

$1450 $120 25 6%

$1450 $120 25 6.85%

$1450 $120 25 7%

$1450 $120 25 12%

Use ‘more’ or ‘less’ to complete each of these statements. In general:

a. The more you earn, the you can borrow.

b. The lower the interest rate, the you can borrow.

c. The shorter the loan term, the you can borrow.

d. The more dependents you have, the you can borrow.

e. The smaller your monthly car payments and other payments, the you can borrow.Page 25 of 55

Lesson 8.2: Repaying a mortgage: long term cost

Use https://www.moneysmart.gov.au/tools-and-resources/calculators-and-tools/mortgage-calculator to help answer the following questions.

1. Omar borrowed $175 000 at 8·25% p.a. interest over 30 years.

a. How much will his monthly repayments be?

b. Calculate the total amount Omar will repay the bank.

c. How much interest will Omar pay as he repays the loan?

2. Suresh borrowed $195 000 at 7·75% p.a. interest over 20 years. Calculate the total amount he will repay the bank.

3. Chad borrowed $210 000 at 7·5% p.a. interest for 30 years. Explain how you know that Chad will repay the bank more than 2½ times the $210 000 that he borrowed.

4. Gemma borrowed $150 000 at 7·25% p.a. interest for 15 years.

a. How much will she have to repay the bank each month?

b. How much extra will she have to repay the bank each month if interest rates go up to 8·25% p.a.?

5. Complete the following table.

Amount borrowed

Interest rate p.a. as %

Loan term(years)

Monthly repayment

Total amount repaid

$160 000 7·75% 10

$160 000 7·75% 15

$160 000 7·75% 20

$160 000 7·75% 25

$160 000 7·75% 30

What happens to the monthly repayments and the total amount repaid as the term of the loan increases?

Page 26 of 55

6. Construct a table similar to the table in question 5, with the amount borrowed and the term of the loan constant. Investigate what happens to the size of the monthly repayments and the total amount repaid as the interest rate increases.

Amount borrowed

Interest rate p.a. as %

Loan term(years)

Monthly repayment

Total amount repaid

7. When Danielle and Mark borrowed $250 000 at 7·25% p.a. interest for 15 years, their monthly repayments were $2282.10. Two and a half years after they started repaying the loan, Danielle got a pay rise and they decided that they could afford to increase their repayments by $700 per month.

a. How many years quicker will they repay their loan by increasing their repayments by $700 per month?

b. How much interest will they save?

c. What advice about repaying more than the minimum monthly amount would you give to people who have a mortgage?

8. Three years ago, Kate and Jon borrowed $180 000 at 8% p.a. interest over 15 years. Kate has just received a $12 000 work bonus.

a. If Kate uses the bonus to make an additional lump sum payment on the loan, what effect will the payment have on the term of the loan and on the total amount of interest they will pay?

b. What advice would you give to Kate?

Group ICT taskInterest rates changes regularly over time. Research the interest rates for home loans over the past 10 years.

Enter this data into excel and create a line graph showing the changes. Upload this graph into edmodo.

A good site to start is http://www.loansense.com.au/historical-rates.html.

HINT: You will need to find the average for each year before creating your graph!

Page 27 of 55

Lesson 9: What if something goes wrong?

While we all hope life goes smoothly, there are often times when things don’t go our own way. You may lose your job, get injured playing sport, be involved in a car accident, your house may get flooded or even broken into. All of these can cost you thousands of dollars that you may not have.

Brainstorm what could happen if you were involved in a car accident and could not work for 3 months. You have 2 children and a partner to look after.

Thankfully there is protection out there to assist if something goes wrong.

Brainstorm what type of protection is available for yourself, family, home or belongings.

Page 28 of 55

Investigate the definition of each term below, why it would be of benefit and compare the costs of each with 2 different companies.

1. Income Protectiona. Definition: ________________________________________________________________________________________________

_______________________________________________________________________________________________________________

____________________________________________________________________________________________________________

b. Advantages: _______________________________________________________________________________________________

_______________________________________________________________________________________________________________

_____________________________________________________________________________________________________________

c. Choose 2 companies and list the name and cost for income protection based on an annual

income of $35 000.

Company 1: ________________________________________________________________________________________________

Company 2: ________________________________________________________________________________________________

2. Building Insurancea. Definition: ________________________________________________________________________________________________

_______________________________________________________________________________________________________________

____________________________________________________________________________________________________________

b. Advantages: _______________________________________________________________________________________________

_______________________________________________________________________________________________________________

_____________________________________________________________________________________________________________

c. Choose 2 companies and list the name and cost for building insurance based on building valued

at $150 000.

Company 1: ________________________________________________________________________________________________

Company 2: ________________________________________________________________________________________________

3. Content Insurancea. Definition: ________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

b. Advantages: _______________________________________________________________________________________________

_______________________________________________________________________________________________________________

_____________________________________________________________________________________________________________

c. Choose 2 companies and list the name and cost for content insurance based on contents valued

at $20 000.

Company 1: ________________________________________________________________________________________________

Company 2: ________________________________________________________________________________________________

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4. Personal/Life Insurancea. Definition: ________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

b. Advantages: _______________________________________________________________________________________________

_______________________________________________________________________________________________________________

_____________________________________________________________________________________________________________

c. Choose 2 companies and list the name and cost for personal or life insurance for $1,000,000

worth of cover.

Company 1: ________________________________________________________________________________________________

Company 2: ________________________________________________________________________________________________

5. Health Insurancea. Definition: ________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

b. Advantages: _______________________________________________________________________________________________

_______________________________________________________________________________________________________________

_____________________________________________________________________________________________________________

c. Choose 2 companies and list the name and cost for personal or life insurance for $1,000,000

worth of cover.

Company 1: ________________________________________________________________________________________________

Company 2: ________________________________________________________________________________________________

Not everyone can afford to have each type of protection listed above. Rank each type of protection in the order that you would take it out and explain your choice. You will need to present an argument to the class outlining your priority list.

1. _______________________________

2. _______________________________

3. _______________________________

4. _______________________________

5. _______________________________

Explanation:______________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________

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Lesson 10: Household Bills

There are household bills for telephones, internet, electricity, gas, water, rates, insurance and home maintenance. Usually the billing cycle for utilities (such as electricity, gas and water) are quarterly which is every _____________ months, while telephone and electricity are monthly. Council rates and stata levies are charged annually but may be paid quarterly.

Brainstorm what information must be on a bill?

What happens if you do not pay a bill?

What can you do if you cannot afford to pay a bill on the due date?

What methods are available to pay a bill?

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Read the following bills and answer the questions. You will need these answers for your assignment.

Question 1

a. Aaron pays an annual fee for his 2 gas cylinders. What is the annual GST inclusive price to hire the cylinders?

b. How much gas did Aaron receive on 18 October?

c. Calculate the total cost of the gas Aaron received on 18 October.

d. Calculate the balance of Aaron's account on 18 October.

e. Determine the total amount of Aaron's bill.

f. Aaron is running short of money. When is the last day he can notify the gas company that he won't have the money in his account to pay the bill?

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Question 2

a. How much are Aaron's annual rates for his property?

b. How much should he budget each week to pay his council rates?

c. Aaron pays his rates by instalments. When are the instalments due?

d. How much does the council charge per year for a second domestic waste 140 L bin?

e. If a rate payer misses or is late with an instalment the whole of the remainder of the rates becomes payable and interest is charged per day at I 0% pa. Aaron forgot to pay the 1 Nov 30 instalment and he is going to pay the bill on December 15. How much will he have to pay?

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Question 3

a. How much is Aaron's current bill?

b. When will the funds to pay this bill be debited from his account?

c. How much does Aaron pay per month for unlimited internet?

d. Describe how this bill compares to Aarons bill last year and in the 2 previous months.

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Question 4

a. On which date did the council issue the account?

b. By what date does Aaron have to pay the account?

c. How much does Aaron owe on the account?

d. On July l the price of water increased. How much per KL did the price increase?

e. In March 20 l2 Aaron's daughter moved back home and in September 2012 his son came back from overseas. Who had the greater effect on Aaron's water bill - his son or his daughter? Justify your answer.

Question 5

Electricity is expensive. Aaron had a smart meter installed to help him minimise the amount of electricity he uses. The table shows the cost of electricity at different times.

Cost per kWhkWh Aaron used in his current bill

Percentage of his electricity use

Cost of the electricity

Peak 47.77 c 58 6.58% 58 x 0.4777=$27.71

Shoulder 19.4 c 153 17.51% ?

Offpeak 11.9 c 665 75.92% ?

TOTAL ? ? ?

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a. Complete the missing values (indicated by ?) in the table.The following table shows the times of day for the different electricity rates.

Rate Time of day

Peak 2 p.m. to 8 p.m. week days

Shoulder7 a.m. to 2 p.m. and 8 p.m. to 10 p.m. weekdays

7 a.m. to 10 p.m. weekends

Off peak 10 p.m. to 7 a.m.

b. Aaron likes to make his own bread. When do you recommend he make the bread to minimise the cost of the electricity he uses?

c. Based on the information in the rates and time of day table, what suggestions can you make to help people minimise their electricity bills?

Question 6

a. How much is Aaron's current electricity bill?

b. How much GST is included in the bill?

c. What would the bill be if the government decided to make power bills GST free?

d. Aaron has been trying to reduce the amount of electricity he uses. How much less is his current bill than his previous one?

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Group discussion questions

How can household expenditure be reduced?

Provide some examples for

a. SAVING WATER:

b. using LESS ELECTRICITY:

Define “Energy Rating” and explain what the following image represents:

Homework Task

Some people waste water by leaving the tap on while brushing their teeth. Tonight, when you brush your teeth, see how much water this wastes.

1. Leave the tape running while you brush your teeth and collect the water in a bucket or bowl.

2. Measure how much water you collected.

3. If you left the tap running every time you brushed your teeth, how much water would you waste over a year, assuming you brushed your teeth twice a day for 365 days?

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Lesson 11: Budgets

Group discussion

How much does it cost to live?

1. Create a list of the items needed to feed a family for a week.

2. Create a list of personal care items that you would need to buy each month.

3. Create a list of household items you will need to buy each month.

4. Create a spreadsheet showing all the items you have listed. Ensure you clearly separate the weekly and monthly items.

5. Look up the Woolworths or Coles website to find out the cost of each item and how much your weekly shopping bill would be. (For the list in parts 2 and 3 you will need to convert into weeks by multiplying the final cost by 12 and then diving by 52).

6. Upload your spreadsheet onto Edmodo. Make sure you write the names of all participants in the spreadsheet or file name.

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Lesson 12.1: Household Renovations

One way to obtain the property you want, but can’t afford, is to buy a property that needs renovating. You can make improvements to the property as you can afford them.

Buying property and renovating is one ways in which builders and handi-people make money. However, if you plan to buy, renovate, then sell for a profit, you will have to pay tax on the profit unless you live in the house. At present, profit from the sale of your principal residence (the main place youlive in) is exempt from tax.

Renovating can be fun if you plan carefully and get all the calculations right!

Planning is one of the secrets to successful renovating. The planning will usually involve making a scale drawing, then calculating everything you will need. Most renovating calculations involve length, area or volume.

Renovating a Pool

Dianne’s pool is overgrown with plants and weeds. The inside of the pool needs painting, the fence is falling down and the pavers are broken. The pool needs renovating now!

1. Before she takes the fence down, Dianne is going to empty the water out of the pool. She is going to put the water in a water tank that holds 25 000 L.

a. Dianne’s pool is in the shape of a rectangular prism. It is 3 m wide and 4 m long and has an average depth of 1.6 m. Calculate the volume of water in Dianne’s pool.

b. One cubic metre holds 1000 L. How many litres of water are in Dianne’s pool?

c. Approximately what fraction full will the water tank be after Dianne has pumped the water from the pool into the tank?

2. The bottom of Dianne’s pool is a rectangle 3 m wide by 4 m long. Dianne plans to paint the bottom of the pool blue and then paint a dolphin on it.

a. What is the area of the bottom of the pool?

b. One litre of the blue paint will cover 8 m2. Dianne is going to give the bottom of the pool two coats of paint. How much paint will she need?

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Materials CostBowl $65Wood, 6 lengths $32 per length2 doors $28 each4 hinges 65 cents each2 sheets of sandpaper 95 cents eachPaint $18Plumbing supplies $382 doorknobs $1.40 each

3. Dianne employed a local odd-job person to remove all the weeds and plants around the pool. She agreed to pay $16 per hour and time-and-a-half after 7 hours. The odd-job person started work at 7:30 am and finished at 5:45 pm. He had a morning tea break from 10 am to 10:15 am and lunch from 1 pm to 1:30 pm.

a. How much should Dianne pay the odd-job person?

b. The odd-job person took all the plants and weeds to the green recycling area of the tip. The tip charges $8 per tonne or part thereof. The green rubbish weighed 2.3 tonnes. What was the tip charge?

4. Dianne plans to replace the old wooden fence with a black metal one. She showed the position of the fence on her scale drawing.

a. Dianne wants one gate 0.9 m wide into the pool. How many metres of fencing is she going to need?

b. The gate will cost $385 and the fence will cost $104 per metre. Calculate the cost of the materials for the fence and the gate.

c. Dave is going to install the fence and gate. His installation charge is 24% of the cost of the materials. How much will Dave charge to install the fence and gate?

d. Calculate the total cost of replacing the fence, including $370 for taking the old fence down and dumping it at the tip.

Renovating a Bathroom

5. Steve has two options for the doors to the bathroom and toilet. He can replace both doors at a cost of $360 each, or he can sand the doors and repaint them. If he chooses to restore the old doors, he will need four sheets of sandpaper at 95 cents each, a tin of undercoat at $18 and a tin of enamel paint at $24. How much cheaper is it to restore the doors rather than replace them?

6. The vanity cabinet in the bathroom has to go! A new, shop-bought vanity will cost between $360 and $1000. Steve’s alternative is to build his own. With either option he will need to spend $45 on new taps. This table shows the costs associated with the vanity Steve could make himself. How much will it cost Steve to make a new bathroom vanity?

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7. Steve has three options for the bath. With any of the options he will need new taps and a new showerhead, which will cost him $82. He can:

remove the old bath and replace it with a new bath for $320 buy a bath-resurfacing kit to restore the surface and change its colour, for $300 plus 10% GST leave the bath as it is.

Calculate the cost of the bath-resurfacing kit, including GST.

8. Steve will need tiles on the wall above the side of the bath, behind the vanity and on the side of the bath. However, he will only tile the walls up to 1·5 m above the floor. The diagrams (not to scale) show the walls in the toilet and the bathroom.

a. Calculate the wall area that Steve will be covering with tiles.

b. Steve is going to use plain-coloured tiles that cost $17 per square metre. Calculate the cost of the tiles, allowing 10% extra tiles for cutting.

Steve is going to paint the remainder of the bathroom and toilet walls.

c. What is the size of the area he will paint?

d. Each $65 can of paint will cover 40 m2, and he will have to give the walls two coats of paint. How much will the paint cost?

9. The actual toilet is very old and stained. A replacement toilet will cost $490 and Steve will have to pay a plumber to install the new one. The plumber will charge $25 per quarter-hour or part thereof. He estimates that it will take him 80 minutes to install the toilet, if Steve has everything ready and has removed the old toilet. Calculate the cost of replacing the toilet.

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Replacing a kitchen

Remodelling or renovating a kitchen is a huge and expensive task. However, a modern kitchen can add thousands of dollars to the value of your property.

Kitchen designers use ‘work triangles’ to help plan efficient kitchens. Work triangles connect the three major work areas of a kitchen: the sink, the refrigerator and the cooktop area.

Work triangle design principles

Designers use two basic principles when they are positioning the sink, refrigerator and cooktop in a kitchen:

Each side of the triangle should be between 1·25 m and 2·75 m. The perimeter of the triangle should be between 3·6 m and 8 m.

10. The diagram shows a ‘galley’ style kitchen. It has cupboards or benches on two opposite walls. The recommended minimum distance between the cupboards or benches is 1·3 m. Sarah has a galley kitchen that is 3 m long. Where do you recommend Sarah should place her refrigerator, sink and cooktop? Use a scale diagram to show the kitchen and your recommended positions. Show the lengths of the sides of the work triangle on the drawing.

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11. a. Sketch a diagram of a kitchen that has 0·75 m-wide benches and a work triangle with a perimeter of 8 m.

b. Construct a scale drawing of a suitable work triangle for the kitchen.

c. Position the benches on the scale drawing.

d. Remember that a good kitchen has at least one bench area that is at least 1 m long. Describe where this design feature could be incorporated in the kitchen in your scale diagram.

e. Determine the overall dimensions of the space required to fit the kitchen you have shown in the scale diagram.

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12. There are six basic designs for kitchen floors. Match the floor designs in a to f with the possible advantages and disadvantages in A to F.

A This is a simple design for small offices or apartments. In this design it is difficult to supply sufficient bench space.

B This is a good design for a medium size kitchen. The unused corner is suitable for a round or rectangular table.

C In this design the cook doesn’t have to worry about other people walking through the kitchen. Thedesign usually only fits in larger houses.

D This is a good design for a big kitchen. The wide bench provides a good work area that can also be used as a breakfast bar.

E The free-standing section in this kitchen is suitable for cooktops or sink. It can also be used as an eating area. It also provides additional storage underneath. This design is only suitable for large houses.

F One major problem with this design is people walking through the kitchen. This could result in accidents.

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New carpet

Before Australia changed to the metric system of measurements, carpet was made in rolls 12 feet wide. Today this width is expressed in metres, 3.6 m. ‘One metre’ of carpet is 1 m long and 3.6 m wide.Carpet is expensive. Careful planning can reduce the amount of wasted carpet and minimise costs.

13. How many metres of carpet are required for each of these rooms?

14. The diagram shows a sketch of Kelly’s lounge and dining rooms.

a. How many metres of carpet, 3·6 m wide, will Kelly need to carpet her lounge and dining rooms?

b. Betta Carpets quoted her $194 per metre laid on the floor. Find the total cost of carpet for Kelly’s lounge and dining rooms.

15. The study floor needs new carpet. The room is 3 m wide by 3 m long.

a. How many metres of 3.6 m-wide carpet are required?

b. How big will the leftover piece of carpet be?

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Lesson 12.2: Updating a bathroom

Steve’s bathroom and toilet need attention. He can do a lot of the work himself, but he doesn’t have much money to spend.

Bathrooms and kitchens are the most expensive rooms in a house to renovate, but a few improvements and a couple of simple decorating tricks can turn a ‘bathroom nightmare’ into something quite attractive.

Group task

Steve can only afford to spend $4000 renovating his bathroom and toilet. He is considering several possibilities and he needs your help.

What you have to do

1. Use questions 5-9 of lesson 12 to determine the cost of each item Steve is considering.

2. Choose a combination of items Steve can afford that will give him a complete bathroom make-over.

3. Make a recommendation about the colours and accessories you think would help to make the bathroom be functional and look good. Some additional ideas may be found on the internet.

4. Prepare a ‘Bathroom make-over proposal’ for Steve that outlines all your suggestions and the total cost of the package.

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Weighting: 30%

Topics to be assessed:

FSHo1CEC: Accommodation CostsFSHo2CEC: Costs of Running a Household

Description of the Task:

Create a Budget Portfolio. The portfolio will consist of two parts.

Part 1 – Coursework (p3 – 46)Worksheets for each lesson – all will be supplied in a booklet and a copy will be placed on Edmodo.

Part 2 – Creating a Budget (p 47 – 60)Step 1: Choose a “Living Scenario”Step 2: Find your AccommodationStep 3: Identify ExpensesStep 4: Create your budget using a spreadsheet

PART B: AssignmentPage 47 of 55

CREATING A BUDGETASSIGNMENT

Creating a Budget Completed

Step 1 Your Living Scenario

Step 2 Accommodation Costs

Step 3 Living Expenses

Step 3A Your Wishlist

Step 3B Grouping your Items

Step 4 Budget

Introduction

In this assignment you will WIN a “salary” and your task is to prepare a weekly budget for your “salary”. You will make a list of items that you need to spend money on, indicate if they are fixed or variable costs and use these items to prepare a suitable budget.

There is only one rule: YOU MUST NOT EXCEED YOUR BUDGET! - so you will not be able to afford some things!

Your budget should be realistic i.e. you must live somewhere (NOT at home), you must eat and wash your clothes, you must have a form of transport (eg car, bus). You must also include the details of any rental arrangements (e.g. add from the newspaper, details for shared arrangements). You will also have a family to look after.

You are required to create a spreadsheet that reflects your family’s weekly income and expenditures and reflect on the affordability of living within your means.

For this task you should use Word and Excel. You may choose to complete it all in the provided spaces, but understand that this is more difficult!

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Step 1 – Your Living Scenario

Choose a Living Scenario and an occupation from the lists below.

Living Scenarios

Scenario1: You are married with two children. One child is enrolled in school and the other attends a childcare centre.

Scenario 2: You are single with one child who is enrolled in childcare.

Scenario 3: You are in a defacto relationship with three children, two of which are enrolled in childcare.

Scenario 4: You are married, have 1 child with a previous partner, and 2 children with your current partner. Two of the children attend school and the third is enrolled in childcare.

Occupations

1. Shop Assistant - Woolworths $19 160 Rouse Hill

2. Apprentice Hairdresser $24 500 City

3. Apprentice Welder - TCC $22 100 Smithfield

4. Motor Mechanic - Toyota $22,360 Parramatta

5. Senior Motor Mechanic - Toyota $25,140 Granville

6. Fitter and Turner $21 900 Castle Hill

7. Butcher - Woolworths $25,600 Carlingford

8. Clerk - Public Service $26,920 City

9. Clerk - Legal Firm $27,800 Cabramatta

10. Store Manager - Music Shop $28 540 Macquarie

11. Bus Driver $27 450 Bidwill

12. Childcare worker $33 450 Annandale

13. Bulldozer Driver $34 500 Richmond

14. Travel Agents Assistant $24 600 City

15. Waiter/Waitress $23 050 Penrith

16. Apprentice Chef $24 360 City

17. Electrician $28 900 Eveleigh

18. Professional Footballer (rookie) $33 540 Bankstown

19. Boilermaker $25 670 Smithfield

20. Actor $28 500 City

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21. Pilot - Charter Aircraft $47 000 Mascot

22. Kitchen Hand $20 590 Sheraton City

23. Computer Programmer $36 700 Parramatta

24. Nurse (Junior) $32 400 Westmead Hospital

25. Jackeroo/Jilleroo $24 560 110km from Richmond

26. Shop Assistant - Doughnut Shop $22 300 Castle Towers

27. Shop Assistant - Newsagent $24 560 Baulkham Hills

28. Shop Assistant – BP Service Station $23 600 Wentworthville

29. Apprentice Carpenter $26 700 Pennant Hills

30. Dancer $26 380 City

31. Clerical Assistant -Tax Dept $25 620 City

32. Jockey $28 900 Rosehill

Based on your choice of Living Scenario and occupation from the lists above, complete the following:

You are currently living in (identify a suburb): ________________________

Marital Status: Married Single Have a partner

Children: _____ girls and _____ boys.

You must name your spouse/partner and children and include their ages in the space below.

Your occupation is: _____________________________________

Your weekly income is: ____________________________________(Find the annual income for this occupation from the list above then divide that amount by _____, the number of weeks in a year, to determine your weekly income).

Your spouse’s / partner’s occupation, if applicable: _____________________________________

Your spouse’s / partner’s weekly income is: __________________________________________(Find the annual income for this occupation from the list above then divide that amount by _____, the number of weeks in a year, to determine your weekly income).

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Step 2 – Accommodation Costs Refer to Lesson 1

Based on your Living Scenario chosen in Step 1, you need to research Real Estate websites or a newspaper to find suitable rental accommodation for your family situation. Provide a copy of the advertisement with this assignment.

Your rental accommodation is located at _________________________________________________________

The weekly rent for this property is _________________________________________________________

The monthly rent for this property is _________________________________________________________

_________________________________________________________

Step 3 – Living Expenses Refer to Lessons 9, 10, 11 and the internet

Part A – Create a Wish List

You are working and earning a regular income. Draw up a list of items you could spend money on. No decisions are to be made at this stage about whether you wish to spend money on the items you list. The list should be quite large and do NOT need to fit inside your budget.

You must include:

Insurances

Utilities/Bills

Travel expenses (from your home to your work, eg petrol, or public transport costs).

Entertainment expenses. You need to include at least 3 family entertainment venues.

Clothing expenses. Break down the items you will purchase for each family member.

Groceries (Food and Household items) and Personal care: i.e. haircuts, manicure etc.

Childcare expenses. Even if your children are school aged, you must budget for after school care.

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Wish List

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Part B – Separate your items

You are to group your items from part A in the following table. See hint below table.

Fixed ExpenditureThese are costs you cannot avoid

Variable ExpenditureThese are things you can avoid spending

money on

Note: if you intend to own a car you cannot avoid Registration fees, BUT you can choose to use it a lot or a little, meaning fuel costs are variable. Also you should allocate an amount per week for car maintenance. You may wish to go to the movies once a week - but you don’t have to!

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Step 4 – Budget

You must now find out/work out an amount of money for each cost (and name your source) eg mum, RACQ magazine, bank, launderette, Woolworths, Reading Cinema. The list should be presented in the form of a spreadsheet looking something like this:

A B C D E F G1 Expense Fixed/

VariableTOTAL Amount

WeeklyAmount

Source My Weekly Income

???

2 Fuel V $20 Dad Spouses Weekly Income

???

3 Registration F $385/yr =C3/52 RTA- Dad’s renewal notice Total Weekly Income

???

4 Rent F $70 Realestate.com.au Weekly Spending

=sum(D2:___)

5 ??? Amount Remaining/ Savings

=G4-G3

To be completed on a computer; you must use excel for the spreadsheet. UPLOAD your spreadsheet onto Edmodo.

Based on your budget, describe the lifestyle you have been able to afford with your chosen job and Living Scenario.

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

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Marking CriteriaCriteria Marks

Coursework Booklet

1 mark per lesson completed with a serious attempt./12

Step 1:Living Scenario

1 mark for completing living scenario, 1 mark for identifying occupation (for self and partner if applicable), 1 mark for calculating weekly income. /3

Step 2:Accommodation Costs

Weekly and monthly accommodation costs are converted correctly between the two, with working.

/2Step 3A:Living Expenses

3 marks per criteria if realistic, 2 marks if realistic but important items missing, 1 mark if attempted but not realistic.Insurance, Utilities, Travel expenses, Entertainment expenses, Clothing expenses , Groceries and Childcare expenses.

Personal care: i.e. haircuts, manicure etc./21

Step 3B:Living Expenses

3 marks for 90% of items placed in the correct columns.2 marks for more than 50% placed in the correct columns.1 mark for some correct items placed in the correct columns. /3

Step 4:Budget

1 mark for correct column set up1 mark for correct row set up3 marks per correct formulae (or calculation with working)3 marks for realistic amounts1 mark for source /9

TOTAL /50

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