Finance question | Economics homework help

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Matt and Mallory Bach, both age 32, are married with two sons. Silas is 6 and Cash is 4. Matt is a real estate property manager earning $60,000 per year. Mallory is a yoga instructor earning $40,000 per year. Based on the following facts and ignoring inflation and investment returns, calculate Matt’s life insurance need using the family need method. 

The Rowes want to be able to replace 80% of income for the deceased spouse until the youngest child reaches age 18 .
The Rowes estimate funeral costs and final expenses to be $20,000 for either of their untimely deaths.
The Rowes want to establish an education fund for each child in the amount of $100,000.
Matt estimates his wife would need half of his annual income as an additional resource to help her through a 6-month readjustment period.
The Rowes would like an emergency fund equal to one year’s total family income. 
The Rowes are concerned about the stability of the Social Security system and want to ignore whatever amount Social Security would provide as a survivor benefit in determination of their life insurance needs. 
Matt’s employer provides group term life insurance in the amount of 2.5 times his salary. 
The Rowes’ current investments total $45,000. 
The Rowes’ debts are as follows:

Home mortgage balance: $120,000
Auto loan: $15,000
Credit card: $3,000
Mallory’s student loans: $14,000
Matt’s student loans: $16,000

 

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