David Jones guarantees a commercial real estate loan and has provided a personal financial statement summarized in the table below. What is his leverage (total liabilities/total assets) on a "grossed up" basis? Assets Liabilities $500,000 Credit cards Cash $50,500 Residence 1.900.000 Mortgage on 1,500,000 residence 6,000,000 Other liabilities Real estate partnerships interests Other assets 345,000 1895,000 6.704,500 200,000 Total abilities Net worth Total Liabilities and 8,600,000 Net Worth Total Assets $8,600,000 "Note: Total real estate portfolio value: $93,000,000 Total real estate portfolio liabilities: $63,000,000 Net interest in partnerships (%): 20% Net interest in partnerships ($): $6,000,000 68 percent 71 percent 78 percent 85 percent