Problem 12-6 Calculating the Amount of Life Insurance Needed Using the Easy Method [LO12-2] You are the wage earner in a "typical family," with $77,000 gross annual income. Use the easy method to determine how much life insurance you should carry. Note: Do not round intermediate calculations. Life insurance need $ 970,000 X

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A: Amount of loan =$22,000Annual interest rate = 4.125%Tenure of loan = 10 years

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A: Lease Amount of Year 6 = a = $1596 millionTime = t = 6 YearsDiscount Rate = r = 6%

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A:

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