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Questions and Answers
An individual wants to build up an emergency fund in a savings account. Monthly expenses for this individual total $4,000 per month, while monthly income is $5,000. How much can be saved if the individual wants to build up two months’ worth of income savings?
An individual wants to make a large purchase that will take two years to pay off. The individual owns a home, earns an income of $75,000, and has no other debt aside from a $900 mortgage payment with five years left at 3%. The individual will retire within one year and will be required to take minimum distributions from a traditional retirement account. Which financing option is appropriate for this individual’s financing objective?
An individual wants to build up an emergency fund in a savings account. Monthly expenses for this individual total $4,000 per month, while monthly income is $5,000. How much can be saved if the individual wants to build up three months’ worth of income savings?
An individual wants to make a large purchase that will take three years to pay off. The individual owns a home, earns an income of $75,000, and has no other debt aside from a $900 mortgage payment with five years left at 3%. The individual will retire within one year and will be required to take minimum distributions from a traditional retirement account. Which financing option is appropriate for this individual’s financing objective?
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An individual wants to build up an emergency fund in a savings account. Monthly expenses for this individual total $4,000 per month, while monthly income is $5,000. How much can be saved if the individual wants to build up four months’ worth of income savings?
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