Your client has a house worth $127,500, a car worth $5,500, a savings of $5,450, and a retirement account worth $50,000. They also have a car loan for $2,000, a credit card balance of $1,500, and a mortgage of $50,000. Creating an assets and liabilities record, what is the total value of your client’s assets?(1 point)

Question

Responses

$188,450
$188,450

$241,950
$241,950

$134,950
$134,950

$53,500

Answer 1

To calculate the total value of your client's assets, you need to add up the values of their house, car, savings, and retirement account.

House: $127,500
Car: $5,500
Savings: $5,450
Retirement account: $50,000

Total assets = $127,500 + $5,500 + $5,450 + $50,000 = $188,450

Therefore, the correct answer is $188,450.

Answer 2

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

$715,450
$715,450

$197,000
$197,000

$321,450

Answer 3

To calculate the total of your liabilities, you need to add up the values of your car loan, credit card balance, personal loan, and mortgage.

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.

Answer 4

Your grandma gave you $100 toward buying a $700 computer. You put $600 on a credit card. You didn’t take any money out of your $300 savings account. What are your total assets?(1 point)
Responses

$1,000
$1,000

$1,100
$1,100

$900
$900

$1,700

Answer 5

To calculate your total assets, you need to add up the value of the money your grandma gave you and the value of your savings account.

Grandma's gift: $100
Savings account: $300

Total assets = $100 + $300 = $400

Therefore, the correct answer is $400.