Jasmine Smith owns a condo worth $275,000, a car valued at $34,000, and miscellaneous assets worth $11,000

Finance May 08, 2021

Jasmine Smith owns a condo worth $275,000, a car valued at $34,000, and miscellaneous assets worth $11,000. She owes $188,000 on the condo and $11,500 on the car and has no other debts. Her retirement account, in which she is fully vested, contains $27,500 in mutual funds. She was just insured with a $590,000 term life insurance policy. What are her total assets?

Expert Solution

Computation of Jasmine Smith's Total Assets:

Total Assets = Worth of Condo + Value of Car + Miscellaneous Assets + Mutual Fund Investment

= $275,000 + $34,000 + $11,000 + $27,500

Total Assets = $347,500

So, Jasmine Smith's Total Assets are $347,500.

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