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. 2. Lini has been investigating the housing market. She found a wonderful new house priced at $205,000. Given their credit score, she is confident that she and Tucco can qualify for a 30-year, fixed-rate 5.20% mortgage. If they were to purchase this home, how much of a down payment will they need to have in order to avoid PMI? How much will they need to put down if they use a 5% down payment? Income Interest Income Income and Expenses Statement of the Lamar Household Tucco $44,000 Lini Joint Total $49,000 $93,000 $ 23 23 $93,02 Taxes $9,966 $11,099 Rent 32,550 $21,065 $32,550 Auto Insurance 2,8000 $ 2,800 Food and Eating Out 5,000 5,000 Car Payments 4,634 4,804 9,438 Student Loans 4,869 3,060 7,929 Hobbies Sport Retirement Savings Vacations Credit cards Expenses 1,200 900 1,200 900 1,760 2,940 4,900 4,700 4,900 2,4000 2,400 $92,882 I Tucco Lini Joint Total Checking $250 $250 Savings 2,300 2,300 Car 1 Car 2 $13,000 13,000 $9,000 9,000 Furnishings 3,500 3,500 Clothes 2,400 3,300 5,700 Other Household 5,000 5,000 Sports Equipment 2,300 2,300 Hobby Supplies 1,000 1,000 401(k) 23,000 23,000 402(b) 42,000 42,000 Total Assets $102,05 Cal T Car 2 15,000 $9,000 9,000 Furnishings 3,500 3,500 Clothes 2,400 3,300 5,700 Other Household 5,000 5,000 Sports Equipment 2,300 2,300 Hobby Supplies 1,000 1,000 401(k) 23,000 23,000 402(b) 42,000 42,000 Total Assets $102,05 Credit Cards $13,000 $13,000 Students Loans $7,400 $18,000 25,400 Car Loans 3,000 12,000 15,000 Total Liabilities $53,400