Check my work Surprise Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five They were expecting twins, but when the babies were born, they discovered that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: dlapers, formula, college expenses times three What something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family? Jamie Lee and Ross decided to purchase life insurance for Ross because this is the higher income at this time and because it would be more devastating if his income was lost due to his death. They have allowed $9.000 for funeral costs. Calculate their living expenses for 6 months to include all monthly expenses, excluding credit card debt and entertainment. Note that Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the bakery for half days. His mom will have a hired nanny to assist, which will cost them $1450 a month. Use the table below to determine the amount Jamie Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter "O" for any unused categories Current Financial Situation Assets: Checiding account Savings account Emergency fund savings account IRA balance Car Jamie Leel Carross Income $3.500 Gross income (Jamie Lee $17,000 Net income ohertaxes Jamie teel $20,100 Gross income (Ross $26.000 Net income after uses (Ross $12.500 Monthly Expenses: $20,000 Mortgage $55,000 $38,500 579,000 565.500 51.375 Help Seve E Chcemy w 1 Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter "O for any unused categories Current Financial Situation Assets: Income Checking account $3.500 Gross income Lamie Lee $55,000 Savio account 517000 Net income after the teel $38.500 Emergency fund savings account $20,100 Gross income $79.000 IRA balance $26.000 Net income se aves $65.500 Car Jamie Leel $12,500 Monthly Expenses Car Ross $20,000 Mortge 51375 Liabilities: Property 5500 Student loan balance 50 Homeowners Insurance $300 Credit card balance $4.500 Utilities Carloans $8,000 Food $550 Gas maintenance $325 Credit card payment Carloan payment 5299 Entertainment 5175 5210 5325 10 points BOOK 11 Print References 121 Use the family need" method to complete 1 Yearly income x5 2 Total approximate expenses above and beyond your daily living costs for you and your dependents (og tutition, care for disabled child or parent) 3 Emergency fund needed (6 months of ving expenses) 4. Expected funeral expenses 5 Total estimate of family's financial needs (sum of lines 1 13 141 15) 6. Total liquid assets (og savings account. CD money market funds, other life insurance pension plan death benefits and Social Security benefits 16] Il 7. Life insurance needs (total estimate of needs minus liquid assets) 17] Check my work Surprise Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five They were expecting twins, but when the babies were born, they discovered that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: dlapers, formula, college expenses times three What something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family? Jamie Lee and Ross decided to purchase life insurance for Ross because this is the higher income at this time and because it would be more devastating if his income was lost due to his death. They have allowed $9.000 for funeral costs. Calculate their living expenses for 6 months to include all monthly expenses, excluding credit card debt and entertainment. Note that Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the bakery for half days. His mom will have a hired nanny to assist, which will cost them $1450 a month. Use the table below to determine the amount Jamie Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter "O" for any unused categories Current Financial Situation Assets: Checiding account Savings account Emergency fund savings account IRA balance Car Jamie Leel Carross Income $3.500 Gross income (Jamie Lee $17,000 Net income ohertaxes Jamie teel $20,100 Gross income (Ross $26.000 Net income after uses (Ross $12.500 Monthly Expenses: $20,000 Mortgage $55,000 $38,500 579,000 565.500 51.375 Help Seve E Chcemy w 1 Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter "O for any unused categories Current Financial Situation Assets: Income Checking account $3.500 Gross income Lamie Lee $55,000 Savio account 517000 Net income after the teel $38.500 Emergency fund savings account $20,100 Gross income $79.000 IRA balance $26.000 Net income se aves $65.500 Car Jamie Leel $12,500 Monthly Expenses Car Ross $20,000 Mortge 51375 Liabilities: Property 5500 Student loan balance 50 Homeowners Insurance $300 Credit card balance $4.500 Utilities Carloans $8,000 Food $550 Gas maintenance $325 Credit card payment Carloan payment 5299 Entertainment 5175 5210 5325 10 points BOOK 11 Print References 121 Use the family need" method to complete 1 Yearly income x5 2 Total approximate expenses above and beyond your daily living costs for you and your dependents (og tutition, care for disabled child or parent) 3 Emergency fund needed (6 months of ving expenses) 4. Expected funeral expenses 5 Total estimate of family's financial needs (sum of lines 1 13 141 15) 6. Total liquid assets (og savings account. CD money market funds, other life insurance pension plan death benefits and Social Security benefits 16] Il 7. Life insurance needs (total estimate of needs minus liquid assets) 17]