Directions: Answer the following questions. Provide necessary computations.1. The Madrigal family is experiencing some financial pressures, even though the couple has acombined income of P1,236,000 per annum. Their home loan will start this year and their eldestdaughter, Julieta, will start college in only three years. Alma is contemplating saving for thiscoming year and told her husband, Pedro, to plan for an emergency fund. Alma's monthly salaryis P29,000.a) How much should be the three-month emergency funds of Alma?b) How much should be the three-month emergency funds of Pedro?c) If the couple decided to have five-month emergency funds, how much should be theircombined emergency funds?

Combined Income = P 1,236,000 Alma's Monthly Salary = P 29,000

The Madrigal family is experiencing some financial pressures, even though the couple has a mbined income of P1,236,000 per annum. Their home loan will start this year and their eldest ughter, Julieta, will start college in only three years. Alma is contemplating saving for this ming year and told her husband, Pedro, to plan for an emergency fund. Alma's monthly salary P29,000. a) How much should be the three-month emergency funds of Alma? b) How much should be the three-month emergency funds of Pedro? c) If the couple decided to have five-month emergency funds, how much should be their combined emergency funds?

The Madrigal family is experiencing some financial pressures, even though the couple has a mbined income of P1,236,000 per annum. Their home loan will start this year and their eldest ughter, Julieta, will start college in only three years. Alma is contemplating saving for this ming year and told her husband, Pedro, to plan for an emergency fund. Alma's monthly salary P29,000. a) How much should be the three-month emergency funds of Alma? b) How much should be the three-month emergency funds of Pedro? c) If the couple decided to have five-month emergency funds, how much should be their combined emergency funds?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter5: Managing Checking And Savings Accounts

Section: Chapter Questions

Problem 2FPC

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