The pictures above shows the informations needed for the question. The question is as the following:

1) Calculate the saving amount from the shifting loan repayment, and how they funding to repaid the existing loan? How much the monthly instalment (house n car). Mr Art and Ms Rose has an outstanding credit cards balance of RM5,000 and RM2,000 respectively which they used for shopping convenience. (RM7000)

2) You have also gather that Mr Art has not set up any education plan for her daughter. He asked your help to set up the education plan for Mawar. He prefers Mawar to become statistician. From the survey, the cost of a four years Bachelors Degree in statistic is at RM100,000, inclusive of living expenses. It is anticipated that the study cost will inflate at a rate of 5% per year. Art wishes to start saving for the education plan immediately.

3) Both of them have participated in Takaful scheme beginning of this year with monthly contribution of RM300 for Mr Art and RM150 for Ms Rose to get coverage RM400,000 and RM200,000 respectively. Additionally, Mr Art also entitled to his Companys Takaful Plan, where its death or permanent disability benefits is three times of his annual base salary. Parents are not covered by any form of medical insurance. The aim is to find out whether both husband & wife need life insurance and if yes, then how much life insurance coverage do they require?

4) Arts monthly tax deduction amounts to RM1,500. He also started paying zakat (as a muslim) beginning this year through salary deduction at an amount of RM250 per month. He has been submitting separate assessment for his tax payment calculation. However, he has no idea on how to actually calculate his zakat and asked for your advice. Rose has been paying tax at RM350 per month through PCB and zakat (as a muslim) RM100 per month through her salary deduction. They have also asked for your advice on further ways to minimise their tax obligation.

6) Mr Art and Ms Rose are happy with their working life and intended to retire only after Ms Rose turn to 55 years old. They wish to maintain their current lifestyles after their retirement and estimated that 60% of their last drawn salary would be enough for their retirement. They have expressed that lifestyles after retirement shall be inclusive of travelling to their favourite destination around the world. They asked you to provide them with the retirement fund requirement that is able to sustain them for 20 years.

Case Data Information Mr. Art and Rosie are working couple, where Mr. Art is a doctor (Chest specialist) attached to private hospital and Rosie works in accounts department in an IT fimm. The family comprises of 5 members, but Mr. Art and rosie have 1 school going kid - Mawar and Nir. Art parents - Wak Lam and Nik Serbia are staying with them. Financial Information: Their cash flows& net worth is given below (husband n wife) MONTHLY in RM) Inflows (including EPF, bonus) 18,500 Rental- ???? ??? Outflows 15,000 Household & lifestyle expenditure Maid 500 Vacation (both) Management fee-apartment 150 House Instalment ??? Takaful Insurance ???? YEARLY (in RM) 222,000 ??? 180,000 48,000 6,000 7,000 4,000 1800 ??? ???? Other Financial Information Surplus: Assets (Personal): > Double Storey > Apartment - Rented Car Honda & Polo > Tewellery subject to zakat (Remaining -2510 x zakat (%) RM500,000 (MV) RM185,000 (MV) RM115,000, 55,000 (MV) RM 16,000 (MV) Nirah 13,490 Asset (Financial & investable) Current (Both husband & wife > EPF (Roth) Bank FD (both husband & wife) Savings Bank A/c (both husband & wife Mutual Fund (both husband & wife) RM 15,000 RM 350,000 RM 3,000 RM 13.000 RM 28,000 Os liabilities: Car RM 125,000, 95,000 RM350,000 Double-storey 2.2 Loan Repayment/ Credit Card Balance Presently, Mr Art and Rosie reside in a double-storey house in Cheras, which was purchased by Mr Art 2 years ago before they were married. He purchased the housing using a RM350,000 Islamic home financing plan attached with Mortgage Reducing Term Takaful (MRIT) plan for a 25-year period, at 7.5% profit rate per annum. The market value of a similar house in Cheras is currently at RM500,000. They have asked you to suggest what they should do to reduce their mortgage payment, as they do not wish to continue paying for their mortgage after they have retired. The company sent a notice raising the interest rate to 3% p.a. effective January 2021 thereby increasing monthly instalment. He decides to refinance the loan at 6.25% from a bank which charges a processing fee of 1% of loan sanctioned. The aim is to find out an absolute amount he stands to save in the remaining tenure if the outstanding loan amount as at the early of Jan 2021 is refinanced so that the new loan terminates as per original termure; thereby alzo estimating the financial benefits. Art also have an apartment in Selayang, where he bought 8 years ago and has been fully settled. The apartment currently valued at RM185,000. Currently the apartment is renting out at RM550 per month and still serving the monthly management's fees of RM150 per month. Art drive a Honda Accord, which he had purchased 2 years ago at RM150.000. He paid RM125,000 as a depozit and secure a 7 years hire-purchased loan with a profits rate of 2.99 % per year for the balance. The car has a current value of RM115,000. Rose drives a Polo, which she bought 3 years ago using Islamic Financing for RM95,000 at 5.5% per year for 7 years and currently valued at RM55,000. Case Data Information Mr. Art and Rosie are working couple, where Mr. Art is a doctor (Chest specialist) attached to private hospital and Rosie works in accounts department in an IT fimm. The family comprises of 5 members, but Mr. Art and rosie have 1 school going kid - Mawar and Nir. Art parents - Wak Lam and Nik Serbia are staying with them. Financial Information: Their cash flows& net worth is given below (husband n wife) MONTHLY in RM) Inflows (including EPF, bonus) 18,500 Rental- ???? ??? Outflows 15,000 Household & lifestyle expenditure Maid 500 Vacation (both) Management fee-apartment 150 House Instalment ??? Takaful Insurance ???? YEARLY (in RM) 222,000 ??? 180,000 48,000 6,000 7,000 4,000 1800 ??? ???? Other Financial Information Surplus: Assets (Personal): > Double Storey > Apartment - Rented Car Honda & Polo > Tewellery subject to zakat (Remaining -2510 x zakat (%) RM500,000 (MV) RM185,000 (MV) RM115,000, 55,000 (MV) RM 16,000 (MV) Nirah 13,490 Asset (Financial & investable) Current (Both husband & wife > EPF (Roth) Bank FD (both husband & wife) Savings Bank A/c (both husband & wife Mutual Fund (both husband & wife) RM 15,000 RM 350,000 RM 3,000 RM 13.000 RM 28,000 Os liabilities: Car RM 125,000, 95,000 RM350,000 Double-storey 2.2 Loan Repayment/ Credit Card Balance Presently, Mr Art and Rosie reside in a double-storey house in Cheras, which was purchased by Mr Art 2 years ago before they were married. He purchased the housing using a RM350,000 Islamic home financing plan attached with Mortgage Reducing Term Takaful (MRIT) plan for a 25-year period, at 7.5% profit rate per annum. The market value of a similar house in Cheras is currently at RM500,000. They have asked you to suggest what they should do to reduce their mortgage payment, as they do not wish to continue paying for their mortgage after they have retired. The company sent a notice raising the interest rate to 3% p.a. effective January 2021 thereby increasing monthly instalment. He decides to refinance the loan at 6.25% from a bank which charges a processing fee of 1% of loan sanctioned. The aim is to find out an absolute amount he stands to save in the remaining tenure if the outstanding loan amount as at the early of Jan 2021 is refinanced so that the new loan terminates as per original termure; thereby alzo estimating the financial benefits. Art also have an apartment in Selayang, where he bought 8 years ago and has been fully settled. The apartment currently valued at RM185,000. Currently the apartment is renting out at RM550 per month and still serving the monthly management's fees of RM150 per month. Art drive a Honda Accord, which he had purchased 2 years ago at RM150.000. He paid RM125,000 as a depozit and secure a 7 years hire-purchased loan with a profits rate of 2.99 % per year for the balance. The car has a current value of RM115,000. Rose drives a Polo, which she bought 3 years ago using Islamic Financing for RM95,000 at 5.5% per year for 7 years and currently valued at RM55,000