1. Evaluate the following using the S.M.A.R.T. planning model and information in this section using the...

1. Evaluate the following using the S.M.A.R.T. planning model and information in this section using the information below:

a. pay off student loan

b. buy a house and save for children's education

c. accumulate assets

d. retire

e. travel around the world in a sailboat.

Alice's assets may be a car worth about $5,000 and a savings account with a balance of $250. Debts include a student loan with a balance of $53,000 and a car loan with a balance of $2,700; these are shown below:

Alice's Financial Situation

ASSETS Car $5,000 Savings $250 Total $5,250

DEBTS Car Loan 2,700 Student Loan 53,000 Total 55,700

Her annual disposable income (after-tax income or take-home pay) may be $35,720, and annual expenses are expected to be $10,800 for rent and $14,400 for living expenses—food, gas, entertainment, clothing, and so on.

annual loan payments are $2,400 for the car loan and $7,720 for the student loan.

This is shown below:

Alice's Income and Expenses After tax income $35,720 Rent $10,800 Living expenses $14,400 Remaining for debt reduction and savings $10,520 students loan payments $7,720 car loan payments $2,400 remaining for savings $400

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