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A customer submitted a personal financial statement when requesting a new, unsecured personal loan

Finance

A customer submitted a personal financial statement when requesting a new, unsecured personal loan. In addition to the information below, a lien search reports an unpaid federal tax lien of $20,000. Detail in the personal financial statement shows that the residence was purchased two months ago for $820,000. What would the customer’s adjusted net worth be?

A) $321,000
B) $301,000
C) $121,000
D) $101,000

Show your work on how to get to the answer which is $101,000

ASSETS

LIABILITIES

Cash

400

Mortgage Debt

600,000

Money Market Accounts

600

Notes & Bills Payable

100,000

Personal Residence

820,000

Total Liabilities

700,000

Personal Property

200,000

   
   

Net Worth

321,000

TOTAL ASSETS

1,021,000

TOTAL LIAB & NET WORTH

1,021,000

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