AnswersPOP Financial Math 2627Topic TestQuestion 116
116
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Question 116 • POP Financial Math 26/27

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?

Answer
A
$300 per month
B
$150 per month
C
$75 per month
D
$60 per month

Explanation

The emergency fund goal is 4 × $1,500 = $6,000. After the $2,400 already saved, you need $3,600 more, or $300 per month for 12 months. You currently have $1,650 − $1,500 = $150 left to save each month, so you need to save an additional $300 − $150 = $150 per month. The correct choice is “$150 per month.”

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