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5. Mike and Mary Jane Lee have a yearly income of $100,000 and own a house worth $90,000, two cars worth a total of $20,000

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5. Mike and Mary Jane Lee have a yearly income of $100,000 and own a house worth $90,000, two cars worth a total of $20,000 and furniture worth $10,000. The house has a mortgage of $50,000 and the cars have outstanding loans of $2,000 each. Utility bills, totaling $150 for this month, have not been paid. a. Calculate their net worth and explain what it means. b. How would the Lees' age affect your assessment of their net worth? Assume they are 60 . c. What is their debt ratio? What does it mean

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