Randy and Rhoda just got married and found their dream home….

Randy and Rhoda just got married and found their dream home. They will need to take out a loan of $96,000 to pay for the home, as they have a $24,000 down payment. Randy and Rhoda qualify for their loan at 4% for 30 years. Randy and Rhoda have the opportunity to purchase 2 points to lower their interest rate to 2%.   What will their monthly payment be with points?

Maudie and Eric just had their fourth child, and their sedan…

Maudie and Eric just had their fourth child, and their sedan is now too small for their family. When applying for a car loan on a minivan, they are asked to present a net worth statement. Use the following information to help them calculate their net worth. They own a 1999 Mercury Sable that has a Kelly Blue Book value of $2,000. They also own a home that is worth $150,000. Their remaining home mortgage balance is $105,000. They have $10,000 in student loan debt. The balance of their checking account is $1,231.44, and their savings account balance is $3,987.32. What is their current net worth?