<p>Josh Adams, aged 18, lives in Wangaratta. He has just obtained a position as a computer technician in Melbourne with Smart Tech, at a salary of $25000 per annum. His contract includes a salary review after 3 months, with an increase of $2000 is he has met the productivity criteria.</p><p>He has found accommodation in Brunswick at $125 per week, and has bought a Toyota Corolla for $15000. To help buy the car he has obtained a bank loan for $10000 from Melbourne Bank.</p><p>Because Josh used all but $500 of his savings to buy the car, his parents have loaned him $2000 to help him get established in Melbourne. This is to be repaid as and when he is able to do so.</p><p>Josh had the following income and expenses during February 2004:</p><p>Date Details February 1 Bought food and provisions from Bi-lo supermarket $60 Paid 2 weeks rent to Brunswick Real Estate $250 3 Drew cash for entertainment $50 7 Received first pay cheque $410 8 Bought food and provisions from Bi-Lo $120 9 Drew cash for entertainment $50 Filled car with petrol $35 Mobil 12 Paid mobile phone account for the previous month $75 14 Received pay cheque $410 15 Bought food and provisions from Bi-Lo $140 Paid 2 weeks rent to Brunswick Real Estate $250 16 Drew cash for entertainment $50 18 Bought jeans $65 and shirt $45 from Just Jeans 22 Received pay cheque $410 23 Bought food and provisions from Bi-Lo $190 Drew cash for entertainment $50 Bought underwear and socks $32 from Target. 26 Filled car with petrol $40 Mobil 28 Drew cash for entertainment $50 29 Received pay cheque $410 Paid monthly loan instalment $145 (Household, Loans, Make payments) Paid 2 weeks rent to Brunswick Real Estate $250 Bought food and provisions from Bi-Lo $115 Paid $100 to parents (use Transfer on Tool bar)</p><p>Notes: 1. Salary $25000, less tax $3672, take home pay $21328 – weekly pay $410, monthly pay $1777. 2. Rent $125 per week, $542 per month 3. The interest on the bank loan is 8% and is to be repaid on a monthly basis – principal and interest – over 8 years. Budget amounts per month</p><p> Salary $1777  Entertainment $250  Groceries $480  Rent $542  Clothing $120  Telephone $80  Motor expenses $75  To bank loan $145  To parent loan $100</p><p>Required</p><p>1. Open the file for Josh Adams in Personal Plus 2002 2. Set up the accounts for the car, bank loan and the loan from parents 3. Enter the details of the incomes and expenses for February into Josh’s bank account 4. Check the income and expenses report and graph for February 5. Check the net worth for Josh 6. Create a budget for Josh for the year 7. Compare the actual income and expenses for February against the budget. 8. Investigate the effect of a possible increase in the interest rate to 9% 9. Investigate the effect of paying off the loan over 9 years</p>