Question #2: Tucco and Lini also need your help. Tucco Lamar, age 30, and Lini Lamar, age 31, have been married for six years. They got married right after Tucco graduated from college. They have come to you for help in planning their financial future. They're both employed in highly stable positions. Tucco works in the marketing department of a large corporation. Lini works for a nonprofit service organization. Instructions: Use the following income, expense, asset, and liability information to answer Tucco and Lini's questions. 4. Lini anticipates receiving a gift from her parents to help offset the expense of a down payment. If a homeowner's insurance policy will cost $1,400 per year and property taxes will be $4,300 per year, what will be their monthly PITI on a loan with a 20% down payment? What will be the monthly PITI with a 5% down payment, assuming private mortgage insurance costs $900 per year? Income and Expenses Statement of the Lamar Household Tucco Lini Joint Total Income Interest $44,000 $49,000 $93,000 23 $ 23 Income $93,02 $9,966 $11,099 Taxes Rent Auto Insurance Food and Eating Out Car Payments Student Loans 32,550 2.8000 5,000 $21,065 $32,550 $ 2,800 5,000 9,438 7,929 4,634 4,869 4,804 3,060 1,200 Hobbies Sport Retirement Savings Vacations Credit cards 900 1,760 2,940 1,200 900 4,700 4,900 2.400 4,900 2.4000 Expenses $92,882 Tucco Lini Joint Total $250 2,300 $13,000 $9,000 Checking Savings Car 1 Car 2 Furnishings Clothes Other Household Sports Equipment Hobby Supplies 401(k) 402(b) 3,500 2.400 3,300 5,000 $250 2,300 13,000 9,000 3,500 5.700 5,000 2.300 1,000 23,000 42,000 $102,05 2,300 1,000 23,000 42,000 Total Assets IS, VOUS $9,000 3,500 2,400 3,300 La 1. Car 2 Furnishings Clothes Other Household Sports Equipment Hobby Supplies 401(k) 402(b) 5,000 13,00 9,000 3,500 5,700 5,000 2,300 1,000 23,000 42,000 2,300 1,000 23,000 42,000 Total Assets $102,05 $13,000 Credit Cards Students Loans Car Loans $7,400 3,000 $18,000 12,000 $13,000 25,400 15,000 $53,400 Total Liabilities Question #2: Tucco and Lini also need your help. Tucco Lamar, age 30, and Lini Lamar, age 31, have been married for six years. They got married right after Tucco graduated from college. They have come to you for help in planning their financial future. They're both employed in highly stable positions. Tucco works in the marketing department of a large corporation. Lini works for a nonprofit service organization. Instructions: Use the following income, expense, asset, and liability information to answer Tucco and Lini's questions. 4. Lini anticipates receiving a gift from her parents to help offset the expense of a down payment. If a homeowner's insurance policy will cost $1,400 per year and property taxes will be $4,300 per year, what will be their monthly PITI on a loan with a 20% down payment? What will be the monthly PITI with a 5% down payment, assuming private mortgage insurance costs $900 per year? Income and Expenses Statement of the Lamar Household Tucco Lini Joint Total Income Interest $44,000 $49,000 $93,000 23 $ 23 Income $93,02 $9,966 $11,099 Taxes Rent Auto Insurance Food and Eating Out Car Payments Student Loans 32,550 2.8000 5,000 $21,065 $32,550 $ 2,800 5,000 9,438 7,929 4,634 4,869 4,804 3,060 1,200 Hobbies Sport Retirement Savings Vacations Credit cards 900 1,760 2,940 1,200 900 4,700 4,900 2.400 4,900 2.4000 Expenses $92,882 Tucco Lini Joint Total $250 2,300 $13,000 $9,000 Checking Savings Car 1 Car 2 Furnishings Clothes Other Household Sports Equipment Hobby Supplies 401(k) 402(b) 3,500 2.400 3,300 5,000 $250 2,300 13,000 9,000 3,500 5.700 5,000 2.300 1,000 23,000 42,000 $102,05 2,300 1,000 23,000 42,000 Total Assets IS, VOUS $9,000 3,500 2,400 3,300 La 1. Car 2 Furnishings Clothes Other Household Sports Equipment Hobby Supplies 401(k) 402(b) 5,000 13,00 9,000 3,500 5,700 5,000 2,300 1,000 23,000 42,000 2,300 1,000 23,000 42,000 Total Assets $102,05 $13,000 Credit Cards Students Loans Car Loans $7,400 3,000 $18,000 12,000 $13,000 25,400 15,000 $53,400 Total Liabilities
