You have new clients who are married, Victor and Jessica Parker. They came to your office today and provided you with the following information for the year:

Victor annual gross income = $75,000

Jessica annual gross income = $120,000

Home Value = $300,000

Victor's 401k = $22,000

Jessica's 401k = $124,000

Mortgage debt = $150,000

Student loan debt = $26,000

Credit card debt = $12,000

Cash = $5,000

Auto loan debt= $6,000

Medical debt = $14,000

Annual Savings= $12,000

Monthly student loan payment = $400

Monthly auto loan payment=$250

Monthly credit card payment=$400

Monthly mortgage payments = $1,050

Monthly mortgage Tax & Insurance = $125

-Does the Parker's savings ratio meet the recommended benchmark? Use Excel Tables for calculations.

-Does the Parker's Back end ratio meet the recommended benchmark?

-What is the Parker's Debt Ratio?

-What is the Parker's Networth?

Answer rating: 100% (QA)

To analyze the Parkers financial situation we can calculate various ratios and assess their savings ratio backend ratio debt ratio and net worth Lets ... View the full answer