Data:

Steve and Mary Jo (who make $50,000 per year) calculated their average tax rate at 15 percent. They contributed 12 percent of their income to charity and pay themselves 10 percent of their income. They have twenty-five years and $100,000 remaining on their 6 percent mortgage, three years and $20,000 remaining on their 7 percent auto loan, and ten years and $10,000 remaining on their 3 percent college loan. In addition, utilities and property taxes were $2,270 per year, food $6,000, insurance $1,500, and other expenses were $5,430.

Calculations:

Calculate their income statement for them using the correct method, and round values to the nearest $10.How are they doing?