calculate your monthly estimate cost budget for ten years time (Research Paper Sample)

Student’s Name Professors Name Course Date Monthly estimate budget in ten years Introduction As we estimate the monthly budget in ten years, we need to consider factors like inflation and the current trend to make an accurate approximation of the budget. The inflation rate is likely to be between 2%-3.5% in the next ten years. Basic entities Housing. If the average monthly cost of the mortgage is $1500 with an assumption of an inflation rate of 3%total monthly cost tallies to $1950 in 10 years. (Bilibio et al. 133) Food. This is a basic need that would approximately cost a person $500 per month expecting a yearly expectation of 2.5% bringing the total monthly cost for 10 years to $643 Cars(gas). Assuming a monthly usage of car gas is $200 with an inflation of 2% yearly make it $246 monthly in ten years Utilities (gas, water, and electricity). If the total monthly utility bills were $150 with a 2.5% yearly inflation rate makes it $193 monthly for every ten years. Internet and satellite cable. Assuming one spends a monthly usage of the internet at around $200 expecting a yearly inflation rate of 2.5% amounts to $259 monthly for ten years. (Lee 217) Student loan. If a student pays $500 monthly, expecting a yearly inflation rate of 2.5% totals the student's loan to 642 monthly in ten years. Phone bill. If the phone bill is $100, with an inflation rate of 2% yearly makes it to $123 monthly for ten years. Pet food. If a pet consumes nearly $50 monthly at an inflation rate of 2% brings the total pet food to $62 monthly for ten years. Car payment. If the monthly car payment is $300, with an expectation that the yearly interest rate is at 2.5% it brings the monthly car payment bill to $386 in ten years. (Mehta and Yadav 5) Car insurance. Assuming the monthly car insurance is $150 with a 2% yearly inflation rate brings it to $184 monthly for ten years Home insurance. If home insurance is $100 monthly with an inflation rate of 2% makes a total of $123 monthly in ten years Life insurance. If the monthly life insurance is $50 with an inflation of 2% yearly makes it to $62 monthly in the next ten years. Health insurance. If the health insurance is $500 monthly, assuming a yearly inflation rate of 3% brings a total of $648 in ten years. (Mullet and Thomas 183) Dental insurance. If one pays monthly dental insurance of $50 at an inflation rate of 2% makes it $62 monthly in ten years. Vision insurance. If the vision insurance is $25 monthly at an inflation rate of 2% brings the monthly cost to $31 for ten years Tabulation Basic entities Monthly cost in USD Inflation rate, yearly (%) Monthly cost in 10 years (USD) Housing 1500 3 1950 Food 500 2.5 643 Gas (gas) 200 2 246 Utilities (electricity, water and cooking gas) 150 2.5 193 Internet and satellite cable 200 2.5 259 Student loan 500 2.5 643 Phone bill 100 2 123 Pet food 50 2 62 Car payment 300 2.5 386 Car insurance 150 2 184 Home insura...