Create a net worth statement using the following information: Checking account b
ID: 2813256 • Letter: C
Question
Create a net worth statement using the following information:
Checking account balance
$1,500
Home Mortgage
105,000
Savings Account balance
3,000
Home Equity Loan
9,000
Fair Market Value of Home
250,000
401K Retirement Account balance
2,500
IRA Retirement Account balance
8,000
Total Credit Card debt
1,150
Value of Personal Property
11,000
Fair Market Value of Car
12,000
Car Loan
5,550
Student Loan
25,000
Brokerage Account balance
6,000
Assets
Liabilities
Total
Total
Total Net Worth: (show your calculation)
Checking account balance
$1,500
Home Mortgage
105,000
Savings Account balance
3,000
Home Equity Loan
9,000
Fair Market Value of Home
250,000
401K Retirement Account balance
2,500
IRA Retirement Account balance
8,000
Total Credit Card debt
1,150
Value of Personal Property
11,000
Fair Market Value of Car
12,000
Car Loan
5,550
Student Loan
25,000
Brokerage Account balance
6,000
Explanation / Answer
Assets:
Checking account balance
Savings Account balance
Fair Market Value of Home
401K Retirement Account balance
IRA Retirement Account balance
Value of Personal Property
Fair Market Value of Car
Brokerage Account balance
Toatal Assets:
$1,500
$3,000
250,000
2500
8000
11000
12000
6000
294000
Liabilities
Home Mortgage
Home Equity Loan
Total Credit Card debt
Car Loan
Student Loan
Toatl Liabilities
105000
9000
1150
5550
25000
145700
Net Worth= Total Assets-Toatl Liabilities
= 294000-145700
= 148300
Checking account balance
Savings Account balance
Fair Market Value of Home
401K Retirement Account balance
IRA Retirement Account balance
Value of Personal Property
Fair Market Value of Car
Brokerage Account balance
Toatal Assets:
$1,500
$3,000
250,000
2500
8000
11000
12000
6000
294000
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