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Please solve it on excel Calculate the insurnace needs for Patrick Gallagher based the following infomration: Patrick is a divorced male, 30-years old, with no
Please solve it on excel
Calculate the insurnace needs for Patrick Gallagher based the following infomration: Patrick is a divorced male, 30-years old, with no dependents. Bought a condo 3 years ago with a initial mortgage Of $300,000 at a fixed rate Of 5.40% over 15 years. Parick does not support his ex-wife financially but may bequeath her the condo. Funeral Costs Uninsured Medical Bills Probate Costs Federal Estate Taxes State Inheritance Taxes Reajustment Period Dependency Period Remaining balance on mortgage What You Need Cash Needs Funeral Costs Uninsured Medical Bills Installment Debts Probate Costs Federal Estate Taxes State Inheritance Taxes Total Estate Clearance Fund Income Needs Readjustment Period Dependency Period Life Income to Surviving Spouse Retirement Income Total Income Needs Special Needs Mortgage Redemption Fund Emergency Fund College Education Fund Total Special Needs Total Needs What You Have Today Checking and Savings Mutual Funds and Securities IRA 401K Private Pension Benefit Current Life Insurance Other Financial Assets Total Estate Clearance Fund Additional Life Insurance Needed Total Needs Less Total Assets Additional Life Insurance Needed $25,000.00 $10,500.00 S7,500.oo $0.00 $0.00 $0.00 $0.00 144 Patrick Gallagher Patrick Gallagher Checking and Sa ngs Mutual Funds an Securities IRA 401K Current Life Insur nce PMT ($2,435.36) S15.ooo.oo S65.ooo.oo S15.ooo.oo S50.ooo.oo S50,ooo.oo 0.450%
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