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)

1 answer

To calculate the total liabilities, we need to sum all the amounts you owe, which include the car loan, credit card balance, personal loan, and mortgage.

Here are the liabilities 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 up:

\[ Total\ Liabilities = Car\ Loan + Credit\ Card + Personal\ Loan + Mortgage \]

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

\[ Total\ Liabilities = 197,000 \]

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