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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 $518,450 $518,450 $197,000 $197,000 $715,450 $715,450 $321,450

1 answer

To calculate the total liabilities, we need to sum up all the debts you have listed:

  1. Car loan: $20,000
  2. Credit card balance: $19,500
  3. Personal loan: $7,500
  4. Mortgage: $150,000

Now, let's add them together:

\[ 20,000 + 19,500 + 7,500 + 150,000 = 197,000 \]

Thus, the total of your liabilities is $197,000.

So the correct response is $197,000.