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Louise is applying for a small-business loan. She provides the bank with the following information: cash in checking accounts, $1,250; cash in savings, $8,500; first
Louise is applying for a small-business loan. She provides the bank with the following information: cash in checking accounts, $1,250; cash in savings, $8,500; first mortgage on house, $155,000; home equity loan, $4,600; home market value, $389,000; automobile market value, $26,000; automobile loan outstanding, $18,750; credit card debt $950.
What are Louise's total debts? What are Louise's total assets? What is Louise's net worth?
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