Model Cost Current Val L PROPERTY Make Explorer $20,500 $17,600 Ford 1999 PERSON

Question

Model Cost Current Val L PROPERTY Make Explorer $20,500 $17,600 Ford 1999 PERSONAL PROPERTY Market Value Replacement $3,000 6,000 $ 3,200 2,000 S 800 $ 6,500 1,500 Value $10,500 $13,000 6,800 3,000 2,000 $ 7,500 S 3,000 Stereo, TVs, cameras, etc Computer, printer, & software Golf clubs Jewelry Miscellaneous household items LIABILITIES - January 1, 2002 LOANS To Whom Owed Original rrent Amount of Account Service Rate Balance AmountPaid Number of Paym State University $11,800 Credit Union | Education | 90% (Kevin) 60 1/10 State University Credit Union | | 8.0% 11,800 |$34,560| $34,560 Education | N/A N/A N/A State University | $ 3,000 | Computerand | 10.0% | $2,300 | $ 115 | monthly | Credit Union 36 printer egan) Ford Credit Corp. $17,500 | Automobile | 7.5% |$12,000| $393 | monthly | 48 (Kevin) 8/3 430

Explanation / Answer

The total outstanding liability would be current balance of loan due = $11,800 + $34,560 + $2300 +$12,000 = $60660

Total outstanding liability on Lee's part = $34,560 + $2300 = $36,860

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