Answer to Question #139632 in Other for Artika Archana

Question

You are a 22 years of age. You plan on buying a car at age of 26 and a new car every 5 years thereafter. You plan on getting married at age of 30 and 1 child at age of 31. You and your spouse both plan on buying a house at age 35 to be financed by a loan which requires a 20% deposit over the twenty year term. The house will provide you with a place to stay and will provide some rental income. You need to save for the education costs of your child. You both need to plan for your comfortable retirement.

Required
In an report please discuss the major goals of the family and how would they go about achieving each goal. Also calculate hypothetical calculation in the form of annuities, time value of money and budgets etc.o

Answer 1

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