can you solve question 1 to 6

Case Study Summary Description: In this Case Study, students will take on the role of a credit counselor (Maitha) to assist a borrower who finds himself in serious financial distress (Salem). Students should answer all questions (1 to 6). Students should work in group to collect information about Salem situation to advise him appropriately on how to get relieved from his debt burden. Help me with My Debt Burden Maitha, a credit counselor, has been approached by Salem, who is facing his own financial storm with debts mounting and no clear solution in sight. Salem is seeking Maitha's help to relieve him from his debt burden. Maitha reviewed her notes summarizing Salem's current situation: After developing some workable ideas on how Salem might improve his monthly budget, Maitha had renewed energy and optimism as she and Salem discussed his three largest debts: 3 Left college with debt on four credit cards and now has 60,000 Aed outstanding balances at a yearly interest rate of 21.9%. Making a minimum payment of 1200 Aed per month. Salem said he was prioritizing this bill since it would have the largest impact on his credit score. He would like to pay off his credit card within 5 years so he can start saving for other things. - Recent college graduate earning 144,000 Aed as a salesperson at a technology company in Internet city in Dubai. Basic salary of 96,000 Aed and 48,000 Aed earned in commissions in the past year. His company has been struggling recently, and he is worried about potential layoffs. - His three largest monthly expenses: - Rent: He rents a one-bedroom apartment in Dubai Marina for 4,800 Aed per month. His lease is up next month, and he needs to let the landlord know if he wants to stay there. He pays his rent on-time every month. His parents, who live in Al Mizhar, have always offered him his old bedroom if he wants to move back in. - Food: He loves dining out 2-3 times per week at nice restaurants with friends and spends about 2,000 Aed per month on food using his debit card. Entertainment: Concerts, sporting events, movies; Salem vowed that he would enjoy Dubai life and clearly has by spending about 2,000/month to entertain himself and friends. When Salem arrived for their meeting, Maitha thought a great starting point for their discussion would be to discuss his spending habits. Maitha's experience as a credit counselor had taught her that you couldn't treat the symptom (high debt levels) without addressing the cause (spending more than you take in) first. While Salem was anxious to talk about solutions first, Maitha pulled out a worksheet they worked through together. Answer this: 1. Complete the worksheet below to analyze Salem's current budget situation: Annual Salary + Commission Monthly Salary + Commission Monthly Take-home Pay (assume Salem contributes 3,000 Aed monthly to his retirement plan) Monthly Expenses - Rent - Food - Entertainment TOTAL Expenses Take-home Pay - Expenses What ideas might Maitha have on how Salem can improve his monthly budget so he can start to ay off his debts? Be sure to identify how much she thinks that Salem can save in his monthly xpenses with your proposal. Answer this: 3. Complete the table below, listing each of Salem's debts and use this loan calculator (Loan Calculator 1 Bankrate) to calculate his monthly payments. TOTAL Monthly Payments 4. What misconceptions should Maitha correct during her meeting with Salem? Incurred student debt of 140,000Aed, with a 4.45% interest rate for the 10 year term. He has missed his last three payments. Salem had heard that there was a government plan to forgive student loans after 10 years so he wasn't too concerned about missing those payments. Purchased a new BMW 5 series as a present to himself after graduating from college and has a 140,000 Aed loan outstanding at 2.99% interest over a 5 year term. He hasn't made a payment in three months. Salem had resigned himself to the fact that he could always just sell the car and all would be good if he will continue living in Dubai Marina because he can take the metro to go working. 5. Based on Maitha's recommendations in \#2, will Salem be able to cover his TOTAL monthly debt payments (#3) ? 5 6. What other next steps/actions does Salem need to take to address these three items? Case Study Summary Description: In this Case Study, students will take on the role of a credit counselor (Maitha) to assist a borrower who finds himself in serious financial distress (Salem). Students should answer all questions (1 to 6). Students should work in group to collect information about Salem situation to advise him appropriately on how to get relieved from his debt burden. Help me with My Debt Burden Maitha, a credit counselor, has been approached by Salem, who is facing his own financial storm with debts mounting and no clear solution in sight. Salem is seeking Maitha's help to relieve him from his debt burden. Maitha reviewed her notes summarizing Salem's current situation: After developing some workable ideas on how Salem might improve his monthly budget, Maitha had renewed energy and optimism as she and Salem discussed his three largest debts: 3 Left college with debt on four credit cards and now has 60,000 Aed outstanding balances at a yearly interest rate of 21.9%. Making a minimum payment of 1200 Aed per month. Salem said he was prioritizing this bill since it would have the largest impact on his credit score. He would like to pay off his credit card within 5 years so he can start saving for other things. - Recent college graduate earning 144,000 Aed as a salesperson at a technology company in Internet city in Dubai. Basic salary of 96,000 Aed and 48,000 Aed earned in commissions in the past year. His company has been struggling recently, and he is worried about potential layoffs. - His three largest monthly expenses: - Rent: He rents a one-bedroom apartment in Dubai Marina for 4,800 Aed per month. His lease is up next month, and he needs to let the landlord know if he wants to stay there. He pays his rent on-time every month. His parents, who live in Al Mizhar, have always offered him his old bedroom if he wants to move back in. - Food: He loves dining out 2-3 times per week at nice restaurants with friends and spends about 2,000 Aed per month on food using his debit card. Entertainment: Concerts, sporting events, movies; Salem vowed that he would enjoy Dubai life and clearly has by spending about 2,000/month to entertain himself and friends. When Salem arrived for their meeting, Maitha thought a great starting point for their discussion would be to discuss his spending habits. Maitha's experience as a credit counselor had taught her that you couldn't treat the symptom (high debt levels) without addressing the cause (spending more than you take in) first. While Salem was anxious to talk about solutions first, Maitha pulled out a worksheet they worked through together. Answer this: 1. Complete the worksheet below to analyze Salem's current budget situation: Annual Salary + Commission Monthly Salary + Commission Monthly Take-home Pay (assume Salem contributes 3,000 Aed monthly to his retirement plan) Monthly Expenses - Rent - Food - Entertainment TOTAL Expenses Take-home Pay - Expenses What ideas might Maitha have on how Salem can improve his monthly budget so he can start to ay off his debts? Be sure to identify how much she thinks that Salem can save in his monthly xpenses with your proposal. Answer this: 3. Complete the table below, listing each of Salem's debts and use this loan calculator (Loan Calculator 1 Bankrate) to calculate his monthly payments. TOTAL Monthly Payments 4. What misconceptions should Maitha correct during her meeting with Salem? Incurred student debt of 140,000Aed, with a 4.45% interest rate for the 10 year term. He has missed his last three payments. Salem had heard that there was a government plan to forgive student loans after 10 years so he wasn't too concerned about missing those payments. Purchased a new BMW 5 series as a present to himself after graduating from college and has a 140,000 Aed loan outstanding at 2.99% interest over a 5 year term. He hasn't made a payment in three months. Salem had resigned himself to the fact that he could always just sell the car and all would be good if he will continue living in Dubai Marina because he can take the metro to go working. 5. Based on Maitha's recommendations in \#2, will Salem be able to cover his TOTAL monthly debt payments (#3) ? 5 6. What other next steps/actions does Salem need to take to address these three items