Bao and Mary Jane Lee have a yearly income of $93 comma 84293,842 and own a house worth $127 comma 900127,900, two cars worth a total of $ 28 comma 195$28,195 and furniture worth $14 comma 08514,085. The house has a mortgage of $85 comma 67785,677 and they have a car loan with an outstanding balance of $5 comma 8225,822. Utility bills, totaling $181181 for this month, have not been paid. Calculate their net worth, and explain what it means.
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Bao and Mary Jane Lee have a yearly income of
and own a house worth
two cars worth a total of
and furniture worth
The house has a mortgage of
and they have a car loan with an outstanding balance of
Utility bills, totaling
for this month, have not been paid. Calculate their net worth, and explain what it means.
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- The severson family owns a house worth $280,000, of which they still owe $113,545 on the mortgage. They also own two cars, one worth $5,200 and the other worth $15,600. They still owe $9,200 on one of the car loans. They have $2,300 in credit card debt and owe $18,200 for their daughter’s wedding. What is their net worth? A $157,555 B $162,155 C $143,245 D $300,800Jackie and Joanie take out a mortgage. Their annual property taxes are $1688 and their annual homeowners insurance is $1576. What is their monthly taxes and insurance (TI) portion of their mortgage?S Robert owns a $187,000 town house and still has an unpaid mortgage of $119,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa MasterCard Discover card Education loan Personal bank loan Auto loan Total Robert's net worth (not including his home) is about $24,100. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. $ 595 527 399 994 838 5,170 $ 8,523 a. What is Robert's debt-to-equity ratio? Note: Round your answer to 2 decimal places. Debt-to-equity ratio b. Has he reached the upper limit of debt obligations? Yes
- Ryan and Nicole have $186,440 in assets, and the following liabilities: Mortgage $47,122 Car loan 3,472 Credit card balance 301 Student loans 16,602 Furniture note (6 months) 1,282 The total of the current liabilities is $____ The total of the long-term liabilities is $____ Ryan and Nicole's net worth is $____ Mike and Mary Jane Lee have a yearly income of $71,428 and own a house worth $107,200, two cars worth a total of $26,119 and furniture worth $13,023. The house has a mortgage of $55,551 and the cars have outstanding loans of $3,646 each. Utility bills, totaling $276 for this month, have not been paid. The value of Mike and Mary Jane's total assets are $?. Round to the nearest dollar.Harvey and Esmeralda's combined gross income is $75,000, and their monthly consumer debt is $558. They wish to purchase a new home valued at $285,000 but need to know if they qualify for a mortgage of $245,000 amortized over 20 years. The mortgage interest rate on a 5-year mortgage term is 1.89%. Property taxes are $1,800/year and the heating cost for the home is $1,200/year. What is their monthly mortgage payment? Select one: a. $1,012.43 b. $1,225.84 c. $1,142.60 d. $1,124.60 e. None of the above
- Janet and James purchased their personal residence 15 years ago for $412,500. For the current year, they have an $103,125 first mortgage on their home, on which they paid $5,156 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $144,250. They paid interest on the home equity loan of $14,425 for the year. Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current year. a. Qualified residence acquisition debt interest b. Qualified home equity debt interestJanet and James purchased their personal residence 15 years ago for $262,500. For the current year, they have an $65,625 first mortgage on their home, on which they paid $3,281 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $121,750. They paid interest on the home equity loan of $12,175 for the year. Calculate the amount of their deduction for interest. paid on qualified residence acquisition debt and qualified home equity debt for the current year. It an amount is zero, enter "0". a. Qualified residence acquisition debt interest $ b. Qualified home equity debt interest. $Robert owns a $213,000 town house and still has an unpaid mortgage of $174,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa $ 610 MasterCard 561 Discover card 429 Education loan 1,003 Personal bank loan 894 Auto loan 4,970 $ Total 8,467 Robert's net worth (not including his home) is about $21,600. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. (a) What is Robert's debt-to-equity ratio? (Round your answer to 2 decimal places.) Debt-to-equity ratio (b) Has he reached the upper limit of debt obligations? O Yes O No
- Your cousin and her partner have a combined gross income of $10,111 and monthly expenses totaling $3,205. They plan to buy a house with a mortgage whose monthly PITI will be $2,000. (a) What is your cousin and her partner's combined housing expense ratio? (b) What is their total obligations ratio? (c) For what kind of mortgage can they qualify, if any? (d) If they do not qualify for an FHA mortgage, by how much should they reduce their monthly expenses in order to be eligible? (Set up an equation and solve it.)Robert owns a $140,000 townhouse and still has an unpaid mortgage of $110,000. In addition to his mortgage, he has the following liabilities: Visa $565 MasterCard 480 Discover card 395 Education loan 920 Personal bank loan 800 Auto loan 4,250 Total $7,410 Robert’s net worth (not including his home) is about $21,000. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. What is Robert’s debt-to-equity ratio? Has he reached the upper limit of debt obligations? ExplainThe Rins own a home in Boston. They paid $780,000 for their home three years ago. Their current balance on their mortgage is $660,000. At the time that their home was worth $900,000, they refinanced their mortgage. Their new mortgage is for $800,000. In addition to the home in Buston, the Rins alco own a vacation home in Florida. They paid $350,000 for the home several yeas ago, and the current mortgage on the seconed home is $295,000. How much inretest the Rins are allowed to deduct if the excess proceeds from the refinanceing are used to buy or improvement their main home.