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)
Responses
$197,000
$197,000
$518,450
$518,450
$715,450
$715,450
$321,450
To calculate the total of your liabilities, you add up the amounts of your car loan ($20,000), credit card balance ($19,500), personal loan ($7,500), and mortgage ($150,000). Therefore, the total of your liabilities is $197,000.
are you sure
Apologies for the confusion. Let's calculate the total of your liabilities again:
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
Therefore, the correct answer is $197,000.