Jasmine Smith owns a condo worth $260,000, a car valued at $25,000, and miscellaneous assets worth...

Jasmine Smith owns a condo worth $260,000, a car valued at $25,000, and miscellaneous assets worth $7,500. Her retirement account, in which she is fully vested, contains $27,500 in mutual funds. Her net worth is $165,000. What are her total liabilities?

Expert Solution

Total liabilities = Total assets - Net worth

Total assets = condo+car+miscellaneous assets+investment

= 260,000+25,000+7,500+27,500

= 320,000

Net worth =165,000

Tital liabilities =320,000-165,000

= 155,000

jeff jeffy answered 2 years ago

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