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)

Question

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)

Answer 1

The total value of the client's assets is calculated by adding the value of the house, car, savings, and retirement account:

$127,500 (house) + $5,500 (car) + $5,450 (savings) + $50,000 (retirement account) = $188,450

So, the total value of the client's assets is $188,450.

Answer 2

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)

Answer 3

The total of the client's liabilities is calculated by adding the value of the car loan, credit card balance, personal loan, and mortgage:

$20,000 (car loan) + $19,500 (credit card balance) + $7,500 (personal loan) + $150,000 (mortgage) = $197,000

So, the total of the client's liabilities is $197,000.

Answer 4

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)

Answer 5

The total assets would be the sum of the cash received from your grandma and the remaining balance in your savings account:

$100 (cash received) + $300 (remaining savings) = $400

So, the total assets would be $400.

Answer 6

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

$900
$900

$1,100
$1,100

$1,000
$1,000

$1,700

Answer 7

The correct answer is $1,000.

The total assets would be the sum of the cash received from your grandma, the remaining balance in your savings account, and the value of the computer:

$100 (cash received) + $300 (remaining savings) + $700 (value of the computer) = $1,100