FINANCIAL PLANNING PROBLEMS All Financial Planning Problems are available in MyFinancelab 1. Estimating Savings. Julia brings home $1,600 per month after taxes. Julia's rent is $350 per month, her utilities are $100 per month, and her car pay- ment is $250 per month. Julia is currently paying $200 per month to her orthodontist for her braces. If Julia's groceries cost $50 per week and she esti- mates her other expenses to be $150 per month, how much will she have left each month to put toward savings to reach her financial goals? 2. Estimating the Opportunity Cost. Julia (from problem 1) is considering trading in her car for a new one. Her new car payment will be $325 per month, and her insurance cost will increase by $60 per month. Julia determines that her other car-related expenses (gas, oil) will stay about the same. What is the opportunity cost if Julia pur- chases the new car? 3. Estimating Net Worth. Mia has $3,000 in assets, a finance company loan for $500, and an outstand- ing credit card balance of $135. Mia's monthly cash inflows are $2,000, and she has monthly expenses of $1,650. What is Mia's net worth? 4. Estimating Net Worth. At the beginning of the year, Arianne had a net worth of $5,000. During the year she set aside $100 per month from her paycheck for savings and borrowed $500 from her cousin that she must pay back in January of next year. What was her net worth at the end of the year? 5. Estimating Net Worth. Anna has just received a gift of $500 for her graduation, which increased her net worth by $500. If she uses the money to purchase a video player how will her net worth be affected? If she invests the S500 at 10% interest per year, what will it be worth in one year? 6. Estimating Cash Flows. Jason's car was just stolen, and the police informed him that they will