Question
Ryan and Nicole have $178,350 in assets and the following liabilities: Mortgage $43,500 Car loan 2,750 Credit card balance 165 Student loans 15,000 Furniture note
Ryan and Nicole have $178,350 in assets and the following liabilities:
Mortgage | $43,500 | |
Car loan | 2,750 | |
Credit card balance | 165 | |
Student loans | 15,000 | |
Furniture note (6 months) | 1,200 |
(1) What are their current liabilities? (2) What are their long-term liabilities? (3) What is their net worth?
1. The total of the current liabilities is $ __. (Round to the nearest dollar.)
2. The total of the long-term liabilities is $__. (Round to the nearest dollar.)
3. Ryan and Nicole's net worth is $__. (Round to the nearest dollar.)
My answer was:
1. $1,365 (Credit card balance: $165 + Furniture not: $1,200)
2. $61,200 (Mortgage: $43,500 + Car loan: $2,750 + Student loans: $15,000)
3. $1115,785 ($178,350 - $62,565)
Is it correct?
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