Suppose that yours is a typical family. Your annual income is $$70,000.$ Using the easy method, what should be your need for life insurance?

Note: Do not round intermediate calculations.

Life insurance need

You are a dual$-$income, no$-$kids family. You and your spouse have the following debts:

Mortgage $=$$$188,000$; Auto loan $=$ $$11,400$; Credit card balance $=$$$2,300$; and other debts $=$$$6,850.$ Further, you estimate that your funeral will cost $$7,000.$ Your spouse expects to continue to work after your death. Using the DINK method, what should be your need for life insurance?

Total insurance need

Tim and Allison are married and have two children, ages $7$ and $10.$ Allison is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Tim and Allison should carry to cover Allison.

Life insurance need