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)

Question

Responses

$197,000
$197,000

$715,450
$715,450

$321,450
$321,450

$518,450

Answer 1

To calculate the total liabilities, we need to add up all the debts:

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:

Total Liabilities = $20,000 + $19,500 + $7,500 + $150,000
Total Liabilities = $197,000

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