Assuming the bank decides to investigate further, calculate Agnes\' net worth an

Question

Assuming the bank decides to investigate further, calculate Agnes' net worth and income from other sources Year 1 Year 3 ASSETS Personal residence Vehicles Beach house Flat screen TV 70,000 70,000 15,000 45,000 30,000 12,000 200,000 45,000 30,000 12,000 LIABILITIES Mortgage balance Vehicle loan Loan on beach property 35,000 2,500 30,500 100,000 15,000 11,000 INCOME Agnes Salary 60,000 61,500 63,000 EXPENSES Mortgage payments Vehicle payments Beach property loan payments Other living expenses 4,500 4,500 1,800 2,400 17,000 13,000 1,800 2,400 15,000 15,000

Explanation / Answer

Answer:-

Agnes' Net Worth of Year 1 are as follows:-

Total Assets - Total Liabilities

= 70,000 + 15,000 - 35,000 - 2,500

= 47,500

Agnes' Net Worth of Year 2 are as follows:-

Total Assets - Total Liabilities

= 70,000 + 45,000 + 30,000 + 12,000 - 30,500 - 15,000

= 1,11,500

Agnes' Net Worth of Year 3 are as follows:-

Total Assets - Total Liabilities

= 2,00,000 + 45,000 + 30,000 + 12,000 - 1,00,000 - 11,000

= 1,76,000

There is no Income from other sources and only salary income which is no income from other sources.

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