Below is our sundentanding or Mr. Joe Client and Mrs. Jill Client's situation at the time of writing this assessmeat. - Joe (49) and Jill (46) marned and tivine in Whitby, Ootario. - Their current morteage in coming due on December 4, 2023, writ a balance of 5112,142.82 and a remaining amortiration of 22 years - Joe bas lost his job and may not be able to contribuse towands their debt payments and the eouple neods both incomes to maintain their standard of living and their boave: - They are ecosidering scparating or divorce. - Based ce the iaformatioe provided by Joe and Jill, you will find below their current detot load and cash flow. Thetr mortgage balance is split 5050 below. - Their goals are: 1) Have the ability to paydown their debt sooner rather than later - 2) Minimize their total debt interest costs - 3) Increase their cash flow o. 4) Find an extra $10,000 to renovate their house Assignment Requirements - 1) Please identify at least 3 strategies to achieve their goals - 2) Quantify how much annual interest they will be able to save (SHOW YOUR WORK) - 3) Here are some assumptions that you can use: - Current fair market value of their property is $325,000. - The current amortization period for their existing mortgage is 22 ycars. - They can obtain a NEW mortgage rate based on the two-year fixed rate of 2.24%. Current loan consolidation rate is 7% amortized over a maximum of 10 years