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Homework answers / question archive / A customer submitted a personal financial statement when requesting a new, unsecured personal loan
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 |
