Assets (Jamie Lee and Ross Combined) There are a few methods of calculating - Checking Account \$2,500 how much life insurance to purchase. - Savings Account \$16,000 Two of the most common are called the - Emergency Fund Savings Account $19,100 Multiple of Income Method and the Easy - IRA Balance: $25,000 - Car: $11,500 (Jamie Lee) and $19,000 (Ross) Method. Calculate how much life insurance Jamie Liabilities (Jamie Lee and Ross Combined) Lee and Ross need by using the Multiple of - Student Loan Balance: \$0 Income Method and Ross's gross income. - Credit Card Balance: $3,500 - Car Loans: $7,000 - Jamie Lee: $4$,000 gross income ( $35,000 net income after taxes) Income - Ross: $79,000 gross income ( $56,000 net income after taxes) Monthly Expenses - Mortgage: $1,225