# DB123 TMA02 Essay

970 Words Nov 25th, 2013 4 Pages
Part A (50 per cent of the marks)
Question 1
Panna wants to buy a new suite of furniture for her flat. The furniture costs £3000 from a furniture store in her local town. The saleswoman suggests that Panna takes out a loan from the store’s finance company to fund the purchase of the furniture. The repayment loan from the finance company would be at a fixed APR of 9 per cent for a repayment term of between one and four years, which Panna can select herself. The loan would take the form of a secured loan.

Panna has £3000 in a variable rate online instant access account with her building society, currently earning 3 per cent p.a. after tax. She has no other savings.

She also has the possibility of taking an unsecured loan from her
They plan that their monthly food and household items costs will also go up by 20 per cent after the birth of their child. Travel spending may vary depending on what Jane decides about returning to work. All other spending remains the same.

With the baby, the family also receives a £20.30 Child Benefit payment each week.

They will put aside any surplus left over after their spending commitments have been made.

1.Calculate whether Adan and Jane are in surplus or deficit, and by how much:
a.each month before the birth of their child. (5 marks)
b. in the first month after the arrival of their child. (5 marks)
c.each month when Jane takes a further four months of leave at statutory maternity pay. (5 marks)
2.Jane also has the option to go back to work full time six months after the birth (after the period when she is entitled to full pay). Adan and Jane are thinking through some other options. Option 1: Jane could work three days per week. She would then get 60 per cent of her current monthly salary. On her days off, Jane will look after their baby. For the remaining three days, the baby goes to a full-time nursery which charges £50 a day. Jane’s work travel costs would be £30 per month.

Option 2: Jane returns to full-time employment and Adan and Jane have their baby looked after in formal childcare for five days at the same rate of £50 a

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