Question

Your fixed expenses are $1,235. 78/month. You want to save 5 months' worth for an emergency

fund over a year's time. How much must you save each month?
​

Answer 1

Answer: $514.91

Explanation:

($1,235.78)(5 months)=$6,178.90

6,178.90/12 months=$514.91

(just for clarity: the other person is right, just wanted to show a simpler way to achieve the answer. gl :)

Answer 2

$514.91

Explanation:

You want to save a total of ...

5 × $1235.78

You want to do this over a 12-month period. So, you want to save 1/12 of this total each month. The amount you're saving each month is ...

5(1235.78)/12 = 514.908333... ≈ 514.91

You must save $514.91 each month to reach the goal.