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Question: based on the scenario answer all of the questions below...

Question details

Based on the scenario, answer all of the questions below. Answer each question separately. Make sure your response is organized.

Scenario: Imani has just been hired as a content specialist at NewsCred, a local marketing firm in Manhattan. Her salary will be $42,000. However, her net income will only be $28,140 after taxes (Federal deducts 15%, State deducts 6.85%, City deducts 3.5%, Social Security deducts 6.2%, and Medicare deducts 1.45%). She has decided to move to South Slope, Brooklyn with one roommate. Her monthly rent will be $2,600 and heat and hot water will be included if she chooses to sign the lease. Furthermore, Imani is responsible for making her student loan payments ($150/month) as it has been seven months since her college graduation. She will also have to pay for her own health insurance (see budget below). She currently has $2,500 in her savings account at Chase Bank and $3,000 in her checking account at TD Bank.

 

  1. How much money does Imani make each month?

  2. How much money will Imani have to spend on the rent? 

  3. How much do you think the electricity bill will be? 

  4. How much will it cost Imani to use the internet in her apartment? 

  5. If Imani wants to be able to cook (and her roommate never cooks), she will have to pay the gas bill.

  6. Imani signs up for a cell phone with Verizon and is told that the total bill (with taxes and fees) will be $80.50 for the month.

  7. Assume that Imani can no longer be under her parent’s health care policy and is not offered one at her new job. She will have to look into the New York Affordable Health Care marketplace to pay for health insurance. Luckily for her, she would qualify for an income-based subsidy, bringing the price of a GHI Silver Plan healthcare plan to $420 a month. How much does she now have left? 

  8. How much money will Imani have after paying her 30 Day unlimited Metrocard ($127)? 

  9. How much money will Imani have after paying her student loan?  

  10. How much money do you assume Imani will spend on food? 

  11. If Imani goes over her budget, how will she be able to afford necessities such as food?

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