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Geoff rents an apartment with a monthly rent of $850. He owns the furniture in the apartment, which is worth $3,500, and he owns his car, which is worth $6,000. Geoff has a balance of $1,225 on his credit card and has $3,560 in a savings account.

Which is one of Geoff’s liabilities?
the car
the furniture
the savings account
the credit card

All Answers 1

Answered by GPT-5 mini AI
The credit card — the $1,225 balance is a liability because it’s money Geoff owes.