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Do the Math 3-6 Budgeting and Income Projections Leyia and Larry Hartley of Columbus, Ohio have decided to start a family next year, so they are looking over their budget (illustrated in Table 3-5 as the young married couple"). Leyla thinks that she can go on half-salary(2.400 instead of $4.800 per month) in her job as a college textbook sales representative for about 18 months after the baby's birth: she will then return to full-time work a. Looking at the Hartley's current monthly budget, identify categories and amounts in their budget where they realistically might cut back $2,400. (How: Federal and state taxes should drop about $600 a month ($7.200 annually) as their income drops.) b. Assume that Leyla and Larry could be persuaded not to begin a family for another five years. What specific budgeting recommendations would you give them for handling () their fixed expenses and (ii) their variable expenses to prepare financially for an anticipated $2,400 loss of income for 18 months as well as the expenses for the new baby? c. If the Hartley's gross income of $8,830 rises 5 percent per year in the future, what will their income be after five years? Round Future value of a Single Amount in intermediate calculations to four decimal places. How: Use Apendix Al or the GarmanForgue companion website.) Round your answer to the nearest dollar. pply What You've Learned - Financial Goal Setting and Personal Financial Statements Do the Math 3-6 Budgeting and Income Projections Leyia and Larry Hartley of Columbus, Ohio have decided to start a family next year, so they are looking over their budget (illustrated in Table 3-5 as the young married couple"). Leyla thinks that she can go on half-salary(2.400 instead of $4.800 per month) in her job as a college textbook sales representative for about 18 months after the baby's birth: she will then return to full-time work a. Looking at the Hartley's current monthly budget, identify categories and amounts in their budget where they realistically might cut back $2,400. (How: Federal and state taxes should drop about $600 a month ($7.200 annually) as their income drops.) b. Assume that Leyla and Larry could be persuaded not to begin a family for another five years. What specific budgeting recommendations would you give them for handling () their fixed expenses and (ii) their variable expenses to prepare financially for an anticipated $2,400 loss of income for 18 months as well as the expenses for the new baby? c. If the Hartley's gross income of $8,830 rises 5 percent per year in the future, what will their income be after five years? Round Future value of a Single Amount in intermediate calculations to four decimal places. How: Use Apendix Al or the GarmanForgue companion website.) Round your answer to the nearest dollar. pply What You've Learned - Financial Goal Setting and Personal Financial Statements