Question

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

$715,450
$715,450

$518,450
$518,450

$321,450

Answer 1

To calculate the total of your liabilities, you add up the outstanding balances of all your loans and credit card balances:

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.