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(2) The Jones Family has a net worth of $1,000. Their monthly mortgage payment is $840. Utilities are another $280. They have $25,000 in credit card debt and S3,000 in their savings account as an emergency fund. They have $29,000 equity in their home. They have not been contributing to 401(k) plans at work, what is their #1 financial priority? 1. 2. 3. 4. Contribute the maximum to their 401(k) Obtain a second mortgage line of credit Pay off credit card debt Purchase mortgage insurance
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