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Analyze your convictions about the use of credit and debt. Describe the biblical principles relevant to personal financial decision making. Examine past automobile purchase decisions
Analyze your convictions about the use of credit and debt.
Describe the biblical principles relevant to personal financial decision making.
Examine past automobile purchase decisions in relation to the alternatives available and your long-term financial goals.
Describe the importance of health insurance, and then evaluate cost-savings techniques you can apply to your personal finances.
Develop a debt-payment plan for a real-life scenario
Life and Misc. Ins. Premiums owing $1,838 premiums are includu neous insurance 2. each analy s821 Auto Ins. $244 Volvo Ford 3,151 4,153 Homeowners Ins $9,142 Medica 10 years left on 30-year term Life Insurance Life: $1,500,000 term years left on 20-year term Bob: Mutual term 10 Debbie: Mutual Life: $250,000 tax. Bob's Bob: Group $50,000 under employer) Term: (pre-tax Group Term: 0,000 Debbie: $156/ $65/m $25/m $266 month. Total: 3. Debt Payments liabilities in the analysis: the mortgage for h Financial Plan includes several payments $608 a month, the new Davison Motorcycle is 325 a month, and their credit card is $250 a month (outstanding balance is S28,145 329 a month The Mortgage payments for al balance of $262,481 financed at a 5.0 interest rate principa payments are based on a principal Cards th for their Bass Pro card and Chase credit card $250 a month and $358 a mont respectively. 4. Retirement Plan Deposits Contributions to Bob's 401(k) continue for one more year until retirement 5. Itemized Deductions Charitable contributions are based on annual contributions of $12,000 a year Medical expenses are based on S3,832 a year Property taxes in the first year of the analysis equal $13,845 Property tax calculations are based on a tax rate percentage of 2.13% of the county tax value. In each analysis the annual inflation rate for the residence is 3.6% per year. As the residence increases in value, proper taxes adjust accordingly 6. Taxes Federal income tax liability in the first year of the analy equal $74,274, which is based on the tax liability from the previous year. Beginning year 2 the tax liability is recalculated annual on the individual circumstances of that particu and Debbie SmithStep by Step Solution
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