Problem $12-9$ Estimating Life Insurance Needs Using the DINK Method $[$LO$12-2]$

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

Mortgage $=$$$244,000$; Auto loan $=$$$19,600$; Credit card balance $=$$$2,400$; and other debts $=$$$6,640.$ Further, you estimate that your

funeral will cost $$5,000.$ 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