Question

Your monthly living expenses are $1500 on an income of $1,650 per month. Your goal is to have an emergency fund of 4 times your monthly living expenses. Your emergency fund savings account has $2,400 and you put the remainder of your monthly income into the emergency fund each month. How much more money would you have to save each month to complete your emergency fund in 12 months?
a.
$300 per month
b.
$150 per month
c.
$75 per month
d.
$60 per month

Answer 1

For the answer to the question above, your end goal is to have $6,000 total in 12 months. since you have $2400 already you can subtract that from 6,000 leaving you with $3600 over the course of 12 months. since you already put $150 in a month over the course of 12 months you would have $1800 which is only half of the goal of $3600. in order for you to put in $3600, you would have to put an additional 150 in your savings along with your regular 150 making Letter B the answer.

Answer 2

Answer:

b. $150 per month

Step-by-step explanation:

To begin solving this let us calculate the amount of our Goal and how much we are saving per month. Our goal is to save up 4 times the amount of our monthly expenses. So we multiply our monthly expenses by 4 like so,

$1,650 - 1,500 = 150$ savings per month

$1,500 * 4 = 6,000 goal$

We are currently saving $150 per month. Now that we know our goal is $6000. Lets calculate how far off we are with what we already have in our savings by subtracting our goal from our current savings.

$6,000-2,400 = 3,600$

We need to save up $3,600 in 12 months which would be  

$\frac{3600}{12}=300$

Therefore we need to put $300 a month into our savings account to reach that goal in 12 months. Since we already put $150, this means we need to make an additional $150 a month to reach our goal in 12 months.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.