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Calculate total annual amount of debt and savings payment

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Reference no: EM133010692

Your friend Carol has asked you to help her out as she is developing her financial plan. Help her come up with a plan for her finances and how she can set herself up for financial success!

She has an after tax income of $48,000 and budgets $30,000 for necessary expenses. This leaves $18,000 to spend on debt and savings annually. (Assume all annuity payments are in the form of ordinary annuities.)

Question 1: Calculate the total annual amount of debt and savings payments Carol has planned in the scenarios above.

Question 2: If she has any of her $18,000 remaining after her credit card, auto loan, and savings are made offer advise on how this should be divided (make more than the minimum payments or make additional deposits to savings).

Question 3: How does time and interest rates impact the present value of a sum of money?

Reference no: EM133010692

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