In this assignment, you will calculate approximately how much life insurance you need. This method takes into account your financial situation, your home situation, or the needs of those who depend upon you financially. Also important are your marital status and how much income your spouse generates if you are married. Calculate the estimated life insurance needed for the following scenario: You and your spouse are in good health and have reasonably secure careers. Each of you makes about $44,000 annually. Household expenses are about $75,000 - part of the expenses are yours exclusively, another part belongs to your spouse, and another part is shared (make up those divisions/numbers as you see the fit-Please show and explain your numbers). You own a home with a $225,000 mortgage, and you owe $19,000 in car loans, $9,000 in personal debts, and $8,000 in credit card loans. You have no other debts. You have a 12-year-old child and you have no plans on increasing the family size. Estimate your total insurance needs. Assume funeral expenses of $6,000. Assume also that the surviving party gets half the debt and assets since we live in a communal state. Alternatively, you can choose to relieve your spouse from all debt. If you choose to leave your spouse without any debt, then state that in your response when you show your calculation of the life insurance need. You can also choose to add an amount to fund your child's college education. Please explain all the items. Your calculation doesn't have to be exact but must be explained.