Sylvester is the primary bread-winner for his family of one wife and eleven children. He has a gross monthly income of $2,600. His monthly net income is 80% of his gross monthly income. He does not want credit debt payments to exceed 10% of his net income. What can be Sylvester’s maximum monthly payment on credit debt?

True or false. If your employer does not withhold sufficient taxes from your paycheck, you could pay a penalty to the IRS.

Casey borrows $8,000 to buy a car. The annual interest rate of the car loan is 7.75%. It is a 48-month loan. The bank tells him that his monthly payment (at the end of each month) is $_________. He wants to pay off the loan quicker, so he decides to make a payment of $250 each month (starting at the end of the first month). How long will it take Casey to pay off the loan (in months)?

Homeowners/Renters Insurance

Which tax credit would yield the greatest financial benefit to a married BYU student earning $19,400 per year with three children?

Regardless of your answer in the previous question, assume the Monsoons have an AGI of $60,000. In 2018, the Monsoons also paid $10,000 in tithing, donated $100 worth of household goods to Deseret Industries and had medical expenses of $5,000. They also paid state income taxes of $4,000, local income taxes of $2,000, property taxes of $5,000, and mortgage interest of $4,000. Calculate the Monsoons’ 2018 taxable income.

True or false. It is almost always a good idea to mix insurance with investing products (e.g., whole life insurance).

True or false. To calculate taxable income, you subtract the sum of the standard deduction plus the itemized deductions from the adjusted gross income (AGI).

Against what losses should you most likely insure yourself (transfer risk to others)?

True or false. Long-term care (LTC) insurance covers the cost of nursing home facilities and long-term home health care to a certain daily limit (e.g., $100 per day).