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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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