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Need a balance sheet for the question below: FINA604 Personal finance Case Study-Financial Planning Skills Rex and Nicole have come to see you regarding their
Need a balance sheet for the question below:
FINA604 Personal finance Case Study-Financial Planning Skills Rex and Nicole have come to see you regarding their personal financial status. They also required you to set financial goals which are important to them. Both Rex and Nicole are 45 years old. Rex is a sales manager while Nicole is an early childhood teacher. Rex is earning an annual income of $74,000 (s2023.20 per fortnight after tax, er etc.) while Nicole is receiving S43,000 per annum ($1235.40 per fortnight after tax and Kiwisaver. They are both contributing 4% of their salary to Kiwisaver. The couple had just purchased a house for S615,000 which they finance with 80% mortgage from TsB at 5.35% p.a. interest for a repayment period of 25 years. Apart from paying the mortgage, they also need to pay the council $2480.00 per annum. In addition to the house, this couple also purchased two used cars recently. These two cars cost them $12500 and S16000 respectively. The borrowing rate for these two cars is 13.95% pa. with repayment spread over 5 years. The estimated household expenses for this family are as follows: Food at $250 per week, Internet and phone at 125 per month, Insurance premium is $190 per fortnight, Petrol expense at about $200 per month, Cell phones are $80 per month, Utilities estimated at $160 per month, Car registration costs S312 per year for each car Each car requires two warrants of fitness per annum which cost S60 per time, Maintenance cost at $1200 per year for two cars, Incidental expense was estimated at S300 per fortnightStep by Step Solution
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