The Hopeful F

Net Income 401(k) company

Dad 4800 150
Mom 350 0
5150 150

Monthly Expenses
DONATIONS January February March April May
Tithing $ 615.00 $ 615.00 $ 615.00 $ 615.00 $ 615.00
Other $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00
DEBT
1st Mortgage $1,149.00 $1,149.00 $1,149.00 $1,149.00 $1,149.00
2nd Mortgage $582.82 $582.82 $582.82 $582.82 $582.82
Car Loan PMT $200.00 $200.00 $200.00 $200.00 $200.00
Credit Card 1 $158.00 $158.00 $158.00 $158.00 $158.00
Credit Card 2 $34.67 $34.67 $34.67 $34.67 $34.67
Credit Card 3 $274.37 $274.37 $274.37 $274.37 $274.37
Credit Union Loan $280.85 $280.85 $280.85 $280.85 $280.85
Gas Credit Card $92.72 $92.72 $92.72 $92.72 $92.72
Medical Bill $65.07 $65.07 $65.07 $65.07 $65.07
OTHER
Food $ 450.00 $ 450.00 $ 450.00 $ 450.00 $ 450.00
Lessons $ 155.00 $ 155.00 $ 155.00 $ 155.00 $ 155.00
Laundry $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00
Dry Cleaning $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00
Gifts $ 15.00 $ 15.00 $ 15.00 $ 15.00 $ 15.00
Life Insurance $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00
Car Insurance $ 120.00 $ 120.00 $ 120.00 $ 120.00 $ 120.00
Medical Insurance $ 200.00 $ 200.00 $ 200.00 $ 200.00 $ 200.00
Internet $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00
Cable TV $ 95.00 $ 95.00 $ 95.00 $ 95.00 $ 95.00
Utilities $ 275.00 $ 275.00 $ 275.00 $ 275.00 $ 275.00
Home Phone $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00
Cell Phones $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00
Gas $ 170.00 $ 170.00 $ 170.00 $ 170.00 $ 170.00
Bowling League $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00
Newspaper $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00
Miscellaneous $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00

Total Expenses $ 5,422.50 $ 5,422.50 $ 5,422.50 $ 5,422.50 $ 5,422.50

Surplus/Defecit $ (272.50) $ (272.50) $ (272.50) $ (272.50) $ (272.50)

Additional Debt $ (272.50) $ (545.00) $ (817.50) $ (1,090.00) $ (1,362.50)

Brother and Sister Hopeful are both 35 years old. Brother Hopeful has a good job and brin
They currently have 2 cars. The older car is paid off, but they still have a payment of $200
When they purchased their home 8 years ago they made a substantial down payment, and
The average monthly expenses that they have provided show the following: $450 for food,
They pay $615 in tithing and offerings and $35 to other charities.
They have given you the following information concerning their debt. Because they cannot

Current Payments Descriptio

Amount APR %
Payment Remaining n

Credit Card
$6,000.00 12.00% $158.00 48
#1
Credit Card
$1,000.00 15.00% $34.67 36
#2
Credit Card
$12,619.08 11.00% $274.37 60
#3

Credit
$19,225.00 6.00% $280.85 84
Union Loan

$5,200.00 7.00% $200.00 28 Car Loan

Gas Credit
$1,969.78 12.00% $92.72 24
Card
$1,876.97 15.00% $65.07 36 Medical Bill
2nd
$49,612.40 9.50% $582.82 142
Mortgage
1st
$119,412.57 6.00% $1,149.00 147
Mortgage

$216,915.80 $2,837.50 Total debt

Hopeful Family

June July August September October November December

$ 615.00 $ 615.00 $ 615.00 $ 615.00 $ 615.00 $ 615.00 $ 615.00
$ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00

$1,149.00 $1,149.00 $1,149.00 $1,149.00 $1,149.00 $1,149.00 $1,149.00

$582.82 $582.82 $582.82 $582.82 $582.82 $582.82 $582.82
$200.00 $200.00 $200.00 $200.00 $200.00 $200.00 $200.00
$158.00 $158.00 $158.00 $158.00 $158.00 $158.00 $158.00
$34.67 $34.67 $34.67 $34.67 $34.67 $34.67 $34.67
$274.37 $274.37 $274.37 $274.37 $274.37 $274.37 $274.37
$280.85 $280.85 $280.85 $280.85 $280.85 $280.85 $280.85
$92.72 $92.72 $92.72 $92.72 $92.72 $92.72 $92.72
$65.07 $65.07 $65.07 $65.07 $65.07 $65.07 $65.07

$ 450.00 $ 450.00 $ 450.00 $ 450.00 $ 450.00 $ 450.00 $ 450.00

$ 155.00 $ 155.00 $ 155.00 $ 155.00 $ 155.00 $ 155.00 $ 155.00
$ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00
$ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00
$ 15.00 $ 15.00 $ 15.00 $ 15.00 $ 15.00 $ 15.00 $ 15.00
$ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00
$ 120.00 $ 120.00 $ 120.00 $ 120.00 $ 120.00 $ 120.00 $ 120.00
$ 200.00 $ 200.00 $ 200.00 $ 200.00 $ 200.00 $ 200.00 $ 200.00
$ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00
$ 95.00 $ 95.00 $ 95.00 $ 95.00 $ 95.00 $ 95.00 $ 95.00
$ 275.00 $ 275.00 $ 275.00 $ 275.00 $ 275.00 $ 275.00 $ 275.00
$ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00
$ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00
$ 170.00 $ 170.00 $ 170.00 $ 170.00 $ 170.00 $ 170.00 $ 170.00
$ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00
$ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00
$ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00

$ 5,422.50 $ 5,422.50 $ 5,422.50 $ 5,422.50 $ 5,422.50 $ 5,422.50 $ 5,422.50

$ (272.50) $ (272.50) $ (272.50) $ (272.50) $ (272.50) $ (272.50) $ (272.50)

 $ (1,635.00) $ (1,907.50) $ (2,180.00) $ (2,452.50) $ (2,725.00) $ (2,997.50) $ (3,270.00)

Hopeful has a good job and brings home $4,800/month in net take home pay. He does have a profit sharing program
ey still have a payment of $200/month on the new car for 28 more months at 7% APR. They own their home but they
ubstantial down payment, and their home is currently worth $175,000.
w the following: $450 for food, $155 for lessons for ALL children combined, $30 for laundry, $20 for dry cleaning, $1

heir debt. Because they cannot make all of their payments, they have been making minimum payments, and in some
$ 7,380.00
$ 420.00
$ -
$ 13,788.00
$ 6,993.84
$ 2,400.00
$ 1,896.00
$ 416.04
$ 3,292.44
$ 3,370.20
$ 1,112.64
$ 780.84
$ -
$ 5,400.00
$ 1,860.00
$ 360.00
$ 240.00
$ 180.00
$ 840.00
$ 1,440.00
$ 2,400.00
$ 300.00
$ 1,140.00
$ 3,300.00
$ 900.00
$ 1,020.00
$ 2,040.00
$ 1,020.00
$ 420.00
$ 360.00

$ 65,070.00

$ (3,270.00)
 a profit sharing program where the company contributes to his 401k in the amount of $150/month. Because of their
own their home but they have a first mortgage payment of $1,149.00/month on the loan at 6% APR, and $582.82/mo

$20 for dry cleaning, $15 for gifts, $70 for life insurance, $200 for medical insurance, $120 for car insurance for bot

m payments, and in some cases, they have missed payments. They are always receiving debt collection phone calls and
month. Because of their financial situation Brother Hopeful is not contributing to his 401k. Sister Hopeful does a sma
% APR, and $582.82/month payment on the 2nd mortgage at 9.5% APR. Both loans were for 30 years.

or car insurance for both cars, $25 for internet, $95 for cable TV, $275 for all utilities, $75 home phone service, $85 f

ollection phone calls and there is significant stress in their home. Sister Hopeful's mother has made some of the paym
. Sister Hopeful does a small part time job out of their home while the children are at school and brings home a net ta
for 30 years.

home phone service, $85 for cell phone program for both, $170 for gas for both cars, $85 for bowling league, $35 for

has made some of the payments for them, but her family is not very well off and can't help much longer.
ool and brings home a net take home paycheck of $350 per month.

for bowling league, $35 for newspaper, $30 for misc.

p much longer.
 The Hopeful F
Net Income 401(k) company
Dad 4800 150
Mom 350 0
5150 150

Monthly Expenses
DONATIONS January February March April May
Tithing $ 615.00 $ 615.00 $ 615.00 $ 615.00 $ 615.00
Other $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00
DEBT
1st Mortgage $1,149.00 $1,149.00 $1,149.00 $1,149.00 $1,149.00
2nd Mortgage $582.82 $582.82 $582.82 $582.82 $582.82
Car Loan PMT $200.00 $200.00 $200.00 $200.00 $200.00
Credit Card 1 $158.00 $158.00 $158.00 $158.00 $158.00
Credit Card 2 $34.67 $34.67 $34.67 $34.67 $34.67
Credit Card 3 $274.37 $274.37 $274.37 $274.37 $274.37
Credit Union Loan $280.85 $280.85 $280.85 $280.85 $280.85
Gas Credit Card $92.72 $92.72 $92.72 $92.72 $92.72
Medical Bill $65.07 $65.07 $65.07 $65.07 $65.07
OTHER
Food $ 450.00 $ 450.00 $ 450.00 $ 450.00 $ 450.00
Lessons $ - $ - $ - $ - $ -
Laundry $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00
Dry Cleaning $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00
Gifts $ - $ - $ - $ - $ -
Life Insurance $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00
Car Insurance $ 120.00 $ 120.00 $ 120.00 $ 120.00 $ 120.00
Medical Insurance $ 200.00 $ 200.00 $ 200.00 $ 200.00 $ 200.00
Internet $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00
Cable TV $ - $ - $ - $ - $ -
Utilities $ 275.00 $ 275.00 $ 275.00 $ 275.00 $ 275.00
Home Phone $ - $ - $ - $ - $ -
Cell Phones $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00
Gas $ 170.00 $ 170.00 $ 170.00 $ 170.00 $ 170.00
Bowling League $ - $ - $ - $ - $ -
Newspaper $ - $ - $ - $ - $ -
Miscellaneous $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00

Total Expenses $ 4,962.50 $ 4,962.50 $ 4,962.50 $ 4,962.50 $ 4,962.50

Surplus/Defecit $ 187.50 $ 187.50 $ 187.50 $ 187.50 $ 187.50

Additional Debt $ 187.50 $ 375.00 $ 562.50 $ 750.00 $ 937.50

Brother and Sister Hopeful are both 35 years old. Brother Hopeful has a good job and brin
They currently have 2 cars. The older car is paid off, but they still have a payment of $200
When they purchased their home 8 years ago they made a substantial down payment, and
The average monthly expenses that they have provided show the following: $450 for food,
They pay $615 in tithing and offerings and $35 to other charities.
They have given you the following information concerning their debt. Because they cannot

Current Payments Descriptio

Amount APR %
Payment Remaining n

Credit Card
$6,000.00 12.00% $158.00 48
#1
Credit Card
$1,000.00 15.00% $34.67 36
#2
Credit Card
$12,619.08 11.00% $274.37 60
#3

Credit
$19,225.00 6.00% $280.85 84
Union Loan

$5,200.00 7.00% $200.00 28 Car Loan

Gas Credit
$1,969.78 12.00% $92.72 24
Card
$1,876.97 15.00% $65.07 36 Medical Bill
2nd
$49,612.40 9.50% $582.82 142
Mortgage
1st
$119,412.57 6.00% $1,149.00 147
Mortgage

$216,915.80 $2,837.50 Total debt

Hopeful Family

June July August September October November December

$ 615.00 $ 615.00 $ 615.00 $ 615.00 $ 615.00 $ 615.00 $ 615.00
$ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00

$1,149.00 $1,149.00 $1,149.00 $1,149.00 $1,149.00 $1,149.00 $1,149.00

$582.82 $582.82 $582.82 $582.82 $582.82 $582.82 $582.82
$200.00 $200.00 $200.00 $200.00 $200.00 $200.00 $200.00
$158.00 $158.00 $158.00 $158.00 $158.00 $158.00 $158.00
$34.67 $34.67 $34.67 $34.67 $34.67 $34.67 $34.67
$274.37 $274.37 $274.37 $274.37 $274.37 $274.37 $274.37
$280.85 $280.85 $280.85 $280.85 $280.85 $280.85 $280.85
$92.72 $92.72 $92.72 $92.72 $92.72 $92.72 $92.72
$65.07 $65.07 $65.07 $65.07 $65.07 $65.07 $65.07

$ 450.00 $ 450.00 $ 450.00 $ 450.00 $ 450.00 $ 450.00 $ 450.00

$ - $ - $ - $ - $ - $ - $ -
$ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00
$ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00
$ - $ - $ - $ - $ - $ - $ -
$ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00
$ 120.00 $ 120.00 $ 120.00 $ 120.00 $ 120.00 $ 120.00 $ 120.00
$ 200.00 $ 200.00 $ 200.00 $ 200.00 $ 200.00 $ 200.00 $ 200.00
$ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00
$ - $ - $ - $ - $ - $ - $ -
$ 275.00 $ 275.00 $ 275.00 $ 275.00 $ 275.00 $ 275.00 $ 275.00
$ - $ - $ - $ - $ - $ - $ -
$ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00 $ 85.00
$ 170.00 $ 170.00 $ 170.00 $ 170.00 $ 170.00 $ 170.00 $ 170.00
$ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ -
$ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00 $ 30.00

$ 4,962.50 $ 4,962.50 $ 4,962.50 $ 4,962.50 $ 4,962.50 $ 4,962.50 $ 4,962.50

$ 187.50 $ 187.50 $ 187.50 $ 187.50 $ 187.50 $ 187.50 $ 187.50

 $ 1,125.00 $ 1,312.50 $ 1,500.00 $ 1,687.50 $ 1,875.00 $ 2,062.50 $ 2,250.00

Hopeful has a good job and brings home $4,800/month in net take home pay. He does have a profit sharing program
ey still have a payment of $200/month on the new car for 28 more months at 7% APR. They own their home but they
ubstantial down payment, and their home is currently worth $175,000.
w the following: $450 for food, $155 for lessons for ALL children combined, $30 for laundry, $20 for dry cleaning, $1

heir debt. Because they cannot make all of their payments, they have been making minimum payments, and in some
$ 7,380.00
$ 420.00
$ -
$ 13,788.00
$ 6,993.84
$ 2,400.00
$ 1,896.00
$ 416.04
$ 3,292.44
$ 3,370.20
$ 1,112.64
$ 780.84
$ -
$ 5,400.00
$ - $ 155.00
$ 360.00
$ 240.00
$ - $ 15.00
$ 840.00
$ 1,440.00
$ 2,400.00
$ 300.00
$ - $ 95.00
$ 3,300.00
$ - $ 75.00
$ 1,020.00
$ 2,040.00
$ - $ 85.00
$ - $ 35.00
$ 360.00

$ 59,550.00

$ 2,250.00 $ 290.00
 a profit sharing program where the company contributes to his 401k in the amount of $150/month. Because of their
own their home but they have a first mortgage payment of $1,149.00/month on the loan at 6% APR, and $582.82/mo

$20 for dry cleaning, $15 for gifts, $70 for life insurance, $200 for medical insurance, $120 for car insurance for bot

m payments, and in some cases, they have missed payments. They are always receiving debt collection phone calls and
month. Because of their financial situation Brother Hopeful is not contributing to his 401k. Sister Hopeful does a sma
% APR, and $582.82/month payment on the 2nd mortgage at 9.5% APR. Both loans were for 30 years.

or car insurance for both cars, $25 for internet, $95 for cable TV, $275 for all utilities, $75 home phone service, $85 f

ollection phone calls and there is significant stress in their home. Sister Hopeful's mother has made some of the paym
. Sister Hopeful does a small part time job out of their home while the children are at school and brings home a net ta
for 30 years.

home phone service, $85 for cell phone program for both, $170 for gas for both cars, $85 for bowling league, $35 for

has made some of the payments for them, but her family is not very well off and can't help much longer.
ool and brings home a net take home paycheck of $350 per month.

for bowling league, $35 for newspaper, $30 for misc.

p much longer.