FP 120 Entire Course

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FP 120 Entire Course Link

https://uopcourses.com/category/fp-120/

Contact Info: [email protected]

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FP 120 Week 1 Time Value of Money Worksheet
Instructions
Complete the Time Value of Money Worksheet.
Post your Time Value of Money Worksheet as a Microsoft® Word® attachment.
Use the Bankrate Compound Interest Calculator and input personal figures, changing the interest rate and the compounding of the interest rate.
Submit your responses in a Microsoft® Word® document.

Time Value of Money

Refer: to Chapter 1 “Time Value of Money” section of Personal Finance.

In 50 to 100 words please respond to the following questions.

1. What is the definition of Time Value of Money? Please define present and future value?

2. How does compounding interest differ from present and future value?

For questions 3 – 5, use the Bankrate Compound Interest Calculator http://www.bankrate.com/calculators/savings/compound-savings-calculator-tool.aspx and input provided figures, changing the interest rate and the compounding of the interest rate (annually, semiannually, and quarterly) as delineated below:

3. You place $1,500 in a savings account earning 3% interest compounded annually. How much will you have at the end of four years? How much would you have at the end of four years if interest is compounded quarterly?

4. Change the interest rate to a higher rate. How much will you have at the end of four years if interest is compounded annually at a rate of 5%? How much would you have at the end of four years if interest is compounded quarterly?

5. Now change the interest rate to a lower rate. How much will you have at the end of four years if interest is compounded annually at a rate of 2.5%? How much would you have at the end of four years if interest is compounded quarterly?

Submit your responses in a Microsoft Word document.


FP 120 Week 1 Personal Cash Flow Statement
Instructions
Complete the Personal Cash Flow Statement.
Reflect on the money you have spent over the past month, and look back at less frequent expenses by reviewing your spending for the year. Then enter the amount you pay and how frequently you pay it (select frequency from the drop-down). If you do not have any expenses for this category, skip it. If you have an expense but do not see a line for it, enter it in one of the rows labeled Additional Items. The Monthly Payment is the result of a calculation. If it seems incorrect, edit the $ Amount or Frequency.
Submit Microsoft® Excel® document to the Assignment Files tab.

Household
Rent
Mortgage
HELOC or Home Equity Loan
Maintenance/HOA Fee
Property Tax (if not included in mortgage)
Home Insurance *
Telephone/ Cellphone
Internet
Cable
Electricity
Heating/Cooling (Coal, Oil, AC)
Water
Garden/Lawn care
Alarm System
Maintenance and Repair, Including Purchases
Additional Item 1
Additional Item 2
Additional Item 3


FP 120 Week 2 Credit History Worksheet
Instructions
Complete the Credit History Worksheet.
Submit your assignment to the Assignment Files tab.

Credit History Worksheet

Directions
Identify the following factor descriptions to their corresponding C of credit. Highlight, bold, or underline the correct answer.

1. Jack and Jill want to buy a car. They are using another car for ___________ as a promise to pay.
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions

2. Under these _______________, you may still be approved with a cosigner.
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions

3. Henry has a history of not staying with a job for an extended period of time. Which of the C’s would a lender be looking at?
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions

4. Madaline is a stay-at-home mom seeking to start a home-based business. She would need a cosigner in order to qualify for a loan. What other C’s might she need for this loan?
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions

5. Lenders use a debt-payment-to-income ratio to evaluate this particular C.
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions

Credit Score


Resources:
• Five C’s web page located at the following link: http://www.loanuniverse.com/credit.html.
• Annual Credit Report website www.annualcreditreport.com.
• Fair Isaac website (www.myfico.com).

Directions

Go to the Fair Isaac Co. website, www.myfico.com. Do not buy a credit score unless you choose to do so. For this activity, go to “Learn about scores”. Review this page, and follow the link to “What’s in your score”. From this page, follow the links to learn more about credit scores.

Note: You do not have to share your personal credit score or other details in this worksheet.


Using what you have learned about credits scores and the Five C’s, respond to the following in 50-to 100-words each:

1. When are the five C’s important?

2. Why is a credit score important?

3. What are the top 2 factors in your FICO score? What actions can you take to earn the most points in these categories?

Credit Reports
Directions

Go to www.annualcreditreport.com, the only site authorized by the Federal Trade Commission to provide free consumer credit reports. Request one free credit report from one of the three credit reporting agencies (if you are unable to download a report, complete this activity using a sample credit report from www.experian.com)


Using what you have learned about credits reports, respond to the following in 50-to 100-words each:

1. What type of information is included on your credit report?

2. What did you find surprising about credit reports?


FP 120 Week 2 Credit Protection and Identity Theft Worksheet
Instructions
Complete the Credit Protection and Identity Theft Worksheet.
Submit your assignment to the Assignments tab.
Credit Protection and Identity Theft

Directions

Refer to two articles found at the Federal Trade Commission:

Fair Credit Reporting Act: http://www.consumer.ftc.gov/articles/0155-free-credit-reports

Avoiding Scams: http://www.consumer.ftc.gov/articles/0120-avoiding-scams-101


Provide answers to the following questions based on your readings and your personal experiences. Answers should be 100 to 150 words each.

1. If you find errors on your credit report, what steps would you take to correct them?

2. There are many organizations that claim they will repair your credit for a fee. From your readings, should someone use a credit repair service? Why or why not? What are some actions these organizations can take that should be a red flag?

3. Have you, a family member, or a friend been a victim of identity theft? How did it happen? Describe the resolution process, i.e., how much time did it take, what credit damage was corrected?

4. Using the FTC site, what can you do to minimize the chance of your identity getting stolen?

Post the Credit Protection and Identity Theft worksheet as a Microsoft® Word attachment.


FP 120 Week 2 Quiz to be taken in class
Instructions
Complete the Week 2 Quiz.
Submit your responses in a Microsoft® Word® document to the Assignment Files tab




FP 120 Week 3 Using Consumer Credit Worksheet
Instructions
Complete the Using Consumer Credit Worksheet
Submit your assignment to the Assignment Files tab.
Using Consumer Credit Worksheet
Assignment: Using Consumer Credit Worksheet

Purpose: The Using Consumer Credit Worksheet is designed to test a student’s understanding of credit card interest rates and how to use credit calculations for various purchases.

1. Calculate the following using the Bankrate calculator at:
http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

Credit Card Balance Interest Rate Minimum/Fixed Payment Number of Months to Pay in Full Total Interest Paid
$5,000 13% Minimum
$5,000 18% Minimum
$2,000 15% Fixed $50
$2,000 15% Fixed $100
• Minimum in this example should be Interest plus 1% of balance, and it will then default to a $15 minimum.

2. When making the minimum payment, how much more interest do you pay when the interest rate is 18% rather than 13%?

3. In the fixed rate example, how much would you save by doubling the fixed payment to $100 a month instead of $50 per month?


4. Assume you have a friend who is making the minimum monthly payments on a credit card. Your friend asks your thoughts on what he is doing. Based on these calculations and what you have learned, how would you advise your friend about making only minimum payments? Your response should be at least 100 words.

5. Calculate the cost of credit using the following formulas. Show your calculations.
Simple Interest: You borrow $2,000 for car repairs. The interest rate is 5%, and you will pay it in full one year later.


Simple Interest on the Declining Balance: You borrow $2,000 for car repairs. The interest rate is 5% and you will make two equal payments over a year (for example, half in January, and half in July)


Answer each of the following questions in 50-100 words each:

6. Grayson just received his credit card statement. He noticed a charge for $40 to a store he has never patronized. What steps should he take to handle this?


7. List the advantages and disadvantages of using credit. Provide at least two of each.

Home Buying

1. Complete the “Buy or Rent” calculator using your own data. In 50-100 words answer the following: What was the recommendation? What were the factors that led to that recommendation? Do you agree or disagree with the recommendation? Why?

2. In a minimum of 100 words, explain the main benefits and drawback of renting and of owning a home?

3. Review Exhibit 7-4 on page 224 of the textbook. In at least 100 words, summarize the steps in the home-buying process.

4. Review Exhibit 7-6 on page 229 of the textbook. Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Show your calculations.
• Monthly gross income: $2,950
• Other debt, monthly payment: $160
• Down payment to be made: 15% of purchase price
• Monthly property tax and insurance: $210
• 30 year mortgage at 6%
Enter your calculation and response in this column
Step 1: Determine the monthly gross income (annual income divided by 12).
Step 2. Multiply step 1 by 33% for a PITI (principal, interest, taxes, and insurance) guideline.
NOTE: With a down payment of at least 5% lenders use 33% of gross income as a guide for PITI (principal, interest, taxes, and insurance)
Step 3. Subtract other debt payments from the result of Step 2 to determine the Affordable Monthly Mortgage Payment.
Step 4. Divide the result of Step 3 by 6.00 (this is the mortgage payment factor from Exhibit 7-7 based on a 30 year loan at 6%) and then multiply this by $1,000. This is the Affordable Mortgage Amount.
Step 5. Divide the affordable mortgage amount by .85 (This is 1 minus the down payment percentage) to determine the Affordable Home Purchase.


Car Buying

1. Review Exhibit 6-2 on page 196 of the textbook. In at least 100 words, summarize the steps in the car-buying process.

2. Using the framework on page 199, prepare a financial comparison of buying and leasing a car with a cash price of $24,000. Show your calculations.

Instruction: Complete the chart below to calculate the cost of buying a car.
• Down payment (to buy/finance): $4,000
• Monthly loan payment: $560
• 48 month loan and lease
• Value of vehicle at end of loan: $7,200
Steps to Buying a Car taken from “Figure it Out” on page 199 Enter your calculation and response in this column
Step 1. Total down payment
Step 2. Total cost of payments: Multiply the Monthly Loan Payment by the Length of the Loan
Step 3: Identify the opportunity cost of the security deposit: Multiply the Security deposit by the Length of the Loan by 3%
Step 4. Add the result of Step 1, 2 and 3.
Step 5: To determine the total cost of buying subtract the Value of the vehicle at the end of the loan from the result of Step 4.

Instruction: Complete the chart below to calculate the cost of leasing a car.
• Security deposit (to lease): $1,200
• Monthly lease payment: $440
• 48 month loan and lease
• End-of-lease charges: $600
Steps to Leasing a Car taken from “Figure it Out” on page 199 Enter your calculation and response in this column
Step 1. Multiply the Monthly Lease Payment by the Length of the Lease
Step 2: Identify the opportunity cost of the security deposit: Multiply the Security deposit by the Length of the Lease by 3%
Step 3. To determine the total cost of leasing add the results of Step 1 and 2 to the End-of-Lease Charges



FP 120 Week 3 Education Funding Worksheet
Instructions
Resources:
• Tuition and Fees Calculator/ Financial Plan
• National Student Loan Data System
• Bureau of Labor Statistics
• Phoenix Career Guidance System
Read the Education Funding Worksheet instructions.
Complete the Education Funding Worksheet in Microsoft® Excel®. Responses will include numbers and text to respond to questions.
Submit your assignment to the Assignment Files tab.

This year's total tuition costs  
     
How much of your tuition is currently funded through loans?  
     
How much of your tuition is currently funded through personal savings or salary?  
     
How much of your tuition is currently funded through scholarships, grants (including Pell Grants), military benefits, employer reimbursement, and/or other sources?  
     
Unfunded tuition costs $0
     
     
These options are best suited to address my unfunded tuition: $ Covered
     
1    
2    
3    
4    
5    
  Total $0
     
List at least two ways you could change your educational financial plan in future years  
     
 



     
How much student loan debt do you expect to have at graduation?  
     
What is the average starting salary you expect after graduation?  
     
Do your student loans exceed your expected annual starting salary? NO
     
What can you do to reduce the amount you borrow? Potential
If you do not have any loans, what would you suggest to another student? Savings
1    
2    
3    
4    
  Total $0
     
What is the standard monthly payment for the total amount you expect to borrow?  
     
What other repayment plans could help you lower your monthly payment?  


FP 120 Week 3 Education Funding Worksheet
Instructions
Resources:
• Tuition and Fees Calculator/ Financial Plan
• National Student Loan Data System
• Bureau of Labor Statistics
• Phoenix Career Guidance System
Read the Education Funding Worksheet instructions.
Complete the Education Funding Worksheet in Microsoft® Excel®. Responses will include numbers and text to respond to questions.
Submit your assignment to the Assignment Files tab.


FP 120 Week 3 Quiz in class
Instructions
Complete the Week 3 Quiz.
Submit your responses in a Microsoft® Word® document to the Assignment Files tab




FP 120 Week 4 Investments Worksheet
Instructions
Complete the University of Phoenix Material: Investments Worksheet.
Submit your assignment to the Assignment Files tab.

Investments Worksheet

Answer the following questions in at least 50 words each:

1. What are the main differences between a 401K and a Roth IRA?

2. How would you explain the difference between a stock, a bond, and a mutual fund?

3. What are the risks and rewards of investing?

4. ow can you minimize the risks associated with investing?

5. What would affect your decision to invest?


FP 120 Week 4 Retirement Planning Worksheet
Instructions
Complete the Retirement Planning Worksheet
Submit your assignment to the Assignment Files tab.
Retirement Planning Worksheet

Step 1: Estimate your retirement income at: http://www.bankrate.com/calculators/retirement/retirement-plan-income-calculator.aspx
You will be asked to answer six questions. If you are unsure of what the fields are, the definitions are below on the same page. There are some assumptions about how much your investments will earn, inflation rates, and tax rate; you can edit these to see how they impact the calculation.
• Based on your inputs, what is your estimated monthly retirement income before tax/inflation?

• Based on your inputs, what is your estimated monthly retirement income after tax/inflation?


Step 2: Determine how your current retirement strategy will provide for retirement income:
http://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx
You will be asked to answer eight questions. If you are unsure of what the fields are, the definitions are below on the same page. There are some assumptions about how much your investments will earn, inflation rates, and if Social Security income is considered; you can edit these to see how they impact the calculation.
• Based on your inputs, how much monthly income is your current strategy estimated to provide?

• Assume that monthly income will not be sufficient. In at least 100 words, what steps can you take now and/or in retirement to live comfortably in retirement?

Step 3: Calculate how savings can grow
How long will it take you to reach $1 million in savings? Answer the four questions in this calculator to calculate when you could become a millionaire: http://www.igrad.com/schools/universityofphoenix/?TargetURL=%2FResources%2Fmillionaire-calculator
• How many years will it be before you reach $1 million in savings?

• Thinking of what your life might be like in retirement, would $1 million be sufficient to support yourself? (Some things to consider would be your health, where you live, and how much money you owe.) In at least 100 words explain why or why not?



FP 120 Week 4 Quiz - in class
Instructions
Complete the Week 4 Quiz.
Submit your responses in a Microsoft® Word® document to the Assignment Files tab




FP 120 Week 5 Insurance Worksheet
Instructions
Complete the Insurance Worksheet.
Submit your assignment to the Assignment Files tab.
Insurance Worksheet

Directions:
Match the following word with the correct definition.

1. Premium
A. The set amount that a policyholder must pay per loss on an insured policy

2. Deductible
B. A flat fee that a policyholder must pay for each received service

3. Copayment
C. The protection provided by the terms of an insurance policy

4. Coverage
D. The amount of money a policyholder is charged for an insurance policy



Directions:

For each type of insurance listed, explain in at least 50 or more words coverage characteristics provided.

Type of Insurance Description of Coverage
Auto




Bodily Injury Coverage

Property Damage Coverage

Car Rental

Discounts

Home and Property




Replacement value of home

Actual Cash Value

Liability Coverage

Location influences

Discounts

Health




Health Maintenance Organization (HMO)

Preferred Provider Organization (PPO)

Point-of-Service Plan (POS)

Health Care Accounts

Medicare

Medicaid

Long-term Care

Disability




Short-term

Long-term

Social Security

Workmen’s Compensation

Life



Term Life

Whole Life

Universal




FP 120 Week 5 Final Summary: Putting it All Together
Instructions
We covered many important topics during this class. Understanding spending and income, cutting expenses, saving and investing money, building an emergency fund, improving credit, getting out of debt, protecting your assets, and setting financial goals are just some of those topics. These concepts will aid your continued personal financial planning for the rest of your life.
Submit a 350- to 700-word summary addressing the following questions:
• How would you explain the value of financial planning to friends or family?
• Which topics will you discuss with children in your life?
• Which topics do you feel are most important for adults to fully understand? Explain why you chose these topics.
• What financial goals have you set for yourself? How will you meet them? Explain what steps you will take to begin saving toward these goals.
Submit your assignment to the Assignment Files tab.


FP 120 Week 5 Understanding Taxes Worksheet
Instructions
Resource: Taxes
Complete the Understanding Taxes Worksheet. (Note: you will not be using your personal tax information.)
Submit the completed Understanding Taxes Worksheet as a Microsoft® Word® attachment to the Assignment Files tab.

Understanding Taxes Worksheet


Resources: The United States Internal Revenue Service at www.IRS.gov

Directions: Use the links provided for each tax form to answer the correlating questions. Each response should be 50- to 150-words.


Understanding the 1040 Form

Visit 1040A Form at http://www.irs.gov/pub/irs-pdf/f1040a.pdf

1. Compare and contrast the 1040, 1040A, and 1040EZ form. Which form would a single student use? If the student was married with children, which form would most likely be used?

2. If a person is single and head of household, why would he or she be able to file “head of household”? Are there any benefits to filing as head of household, rather than single?

3. Define capital gains. What impact can this have on a refund or payment of taxes?

4. What is adjusted gross income? On which line of the tax form is total income located?


5. What lines would student loan interest deductions and tuition and fees be located on the 1040A form? What form is used to document a student’s tution and fees?

6. What are tax credit and tax deductions? Explain each.

7. When would a person use a third party designee?

Visit W-2 Wage and Tax Form at http://www.irs.gov/pub/irs-pdf/fw2.pdf.

8. What is primary purpose of the W-2 Wage and Tax Form?

9. When does a taxpayer receive the W-2? Who will provide this form to the taxpayer?

10. What items on the W-2 make up Federal Insurance Contributions Act or FICA?

11. What form should accompany the W-2 for Child and Dependent Care Expense?

12. What is the date that taxes are due? If you need an extension what form would you use? How long is the extension? Are there any penalties for requesting an extension?


FP 120 Week 5 Final Exam in class
Instructions
Complete the Comprehensive Final Exam.
Submit your responses in a Microsoft® Word® document to the Assignment Files tab


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