Below is our understanding of Mr. Joe Client and Mrs. Jill Client's situation at the time of writing this assessment. - Joe (49) and Jill (46) married and living in Whitby, Ontario. - Their current mortgage is coming due on December 4,2023 , with a balance of $112,142.82 and a remaining amortization of 22 years. - Joe has lost his job and may not be able to contribute towards their debt payments and the couple needs both incomes to maintain their standard of living and their house. - They are considering separating or divorce. - Based on the information provided by Joe and Jill, you will find below their current debt load and cash flow. Their mortgage balance is split 50/50 below. Goals: - 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 - 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 years. - 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