Your client has a house worth $127,500, a car worth $5,500, a savings of $5,450, and a retirement account worth $50,000. They also have a car loan for $2,000, a credit card balance of $1,500, and a mortgage of $50,000. Creating an assets and liabilities record, what is the total value of your client’s assets?(1 point)
Responses
The total value of the client's assets is $188,450.
House: $127,500
Car: $5,500
Savings: $5,450
Retirement Account: $50,000
Total Assets: $127,500 + $5,500 + $5,450 + $50,000 = $188,450
You have a house worth $227,500, a car worth $25,500, a savings of $15,450, and a retirement account worth $250,000. You also have a car loan for $20,000, a credit card balance of $19,500, a personal loan of $7,500, and a mortgage of $150,000. Creating an assets and liabilities record, what is the total of your liabilities?(1 point)
The total of your liabilities is $197,000.
Car Loan: $20,000
Credit Card Balance: $19,500
Personal Loan: $7,500
Mortgage: $150,000
Total Liabilities: $20,000 + $19,500 + $7,500 + $150,000 = $197,000
Your grandma gave you $100 toward buying a $700 computer. You put $600 on a credit card. You didn’t take any money out of your $300 savings account. What are your total assets?(1 point)
Responses
Your total assets would be $400.
Cash from Grandma: $100
Savings Account: $300
Total Assets: $100 + $300 = $400
Your grandma gave you $100 toward buying a $700 computer. You put $600 on a credit card. You didn’t take any money out of your $300 savings account. What are your total assets?(1 point)
Responses
$1,700
$1,700
$1,100
$1,100
$900
$900
$1,000
Your total assets would be $900.
Cash from Grandma: $100
Savings Account: $300
Computer (value): $700
Total Assets: $100 + $300 + $700 = $900