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

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,

savings per month

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.

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

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.

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