Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund. How much do you need to save?

I got $625.63 per month. Do I multiply this by the 6 months to get the final answer?

Question

Mathematics

Jazmie

2 August, 20:07

Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund. How much do you need to save?

I got $625.63 per month. Do I multiply this by the 6 months to get the final answer?

+4

Answers (1)

Know the Answer?

Irvin Mcdaniel · Answer 1

NO since interest rates are usually based off the business year you would multiply $625.63 by 1/2 of the year (which is 6 months) and your answer should be $312.82

Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund. How much do you need to save?I got $625.63 per month. Do I multiply this by the 6 months to get the final answer?

Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund. How much do you need to save?

I got $625.63 per month. Do I multiply this by the 6 months to get the final answer?