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? 

Five years after purchasing your house (15-year, 3.50% loan,…

Five years after purchasing your house (15-year, 3.50% loan, $1,100 monthly payment), mortgage rates have dropped to 2.5%. You currently owe $100,000 on the original mortgage and would like to refinance for the lower rate but keep the same original end date. The cost to refinance is $3,000. What will be the new payment after refinancing?