kens monthly expenses\ncar payment - $350\nrent - $975\ngas - $65\nutilities - $56\nphone - $45\ngroceries…

kens monthly expenses\ncar payment - $350\nrent - $975\ngas - $65\nutilities - $56\nphone - $45\ngroceries - $350\ninternet - $55\nrenters insurance - $25\nif ken follows the guideline that he should have three to six months worth of expenses in his emergency fund, how much should he save up to add to his account? (give a range of values. ex: $xxxx - $xxxx)\nhow much should ken save each month if he sets a goal to have $7,500 in his emergency fund in two years?\ndirections: short answer, read the questions below and type your responses.

kens monthly expenses\ncar payment - $350\nrent - $975\ngas - $65\nutilities - $56\nphone - $45\ngroceries - $350\ninternet - $55\nrenters insurance - $25\nif ken follows the guideline that he should have three to six months worth of expenses in his emergency fund, how much should he save up to add to his account? (give a range of values. ex: $xxxx - $xxxx)\nhow much should ken save each month if he sets a goal to have $7,500 in his emergency fund in two years?\ndirections: short answer, read the questions below and type your responses.

Answer

Explanation:

Step1: Calculate total monthly expenses

$350 + 975+65 + 56+45+350+55+25=$1921$

Step2: Calculate 3 - month worth of expenses

$1921\times3=$5763$

Step3: Calculate 6 - month worth of expenses

$1921\times6=$11526$

Step4: Calculate monthly savings for $7500$ in 2 years

2 years have $2\times12 = 24$ months. Let the monthly savings be $x$. Then $24x=7500$, so $x=\frac{7500}{24}=$312.5$

Answer:

Range of emergency - fund savings: $$5763-$11526$ Monthly savings for $7500$ in 2 years: $$312.5$