Family 1 Doug and Andrea are happily married. They met a few years ago, while hiking, in northern Ontario. Two years a

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Family 1
Doug and Andrea are happily married. They met a few years
ago, while hiking, in northern Ontario. Two years ago, Doug
and Andrea bought a house in Kitchener. When they bought
their home, they paid $800,000 for it; today it is valued at
$1,000,000. To finance the purchase of their home, Doug and
Andrea took out a mortgage from ND Financial. The current
balance of their mortgage is $615,000. Currently, Doug and
Andrea do not have children but would like to have them in the
future. Doug, is 31 years old and earns $85,000 a year
working for Road Builders Inc. Andrea, is 29 years old and
earns $95,000 a year working for PC Construction.
Family 2
Mike is a single parent, aged 57. His daughter, named
Christine, is 21 years old and beginning a master’s program at the
University of Alberta. When Christine’s mom passed away, she
received a lump sum of money from a life insurance policy.
Although Christine does not need financial support for her
education, her father would like to cover the tuition for the next
two years and then retire. Mike is in good health and
believes he will live for many years.
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