Problem $12-9$ Estimating Life Insurance Needs Using the DINK

Method $[$L$012-2]$

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

Mortgage $=$$$260,000$; Auto loan $=$$$11,500$; Credit card balance $=$$$2,250$; and other

debts $=$$$6,500.$ Further, you estimate that your funeral will cost $$6,000.$ Your spouse

expects to continue to work after your death. Using the DINK method, what should be

your need for life insurance?

Answer is complete but not entirely correct.

$($please note the answer $286,250$ is also incorrect$)$