Answer:
Paul has negative worth of $2,900
His statement is invalid as he did not consider all assets and debts in aggregate.
Step-by-step explanation:
The net worth of Paul is the total asset owned by him less the total of debts owed by him.
Paul's total assets can computed thus:
Stock portfolio $21,000
Home worth $365,000
Car worth $19,000
Total assets $405,000
Paul's total debts can be computed as follows:
Mortgage loan $362,000
Car loan $16,250
credit card debt $11,750
Student loan $17,900
Total debts $407,900
The amount of debts owed by Paul is $2,900($405,000-$407,900) more than his asset worth,which implies that Paul is indebted to the tune of $2,900,hence has negative worth.
Answer:
Part A)
Part B)
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
S is the Future Value
P is the Present Value
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
Part A)
in this problem we have
Part B) How much money will Marcus have in the account in 7 years?
we have
substitute in the formula above
Answer:
I'll sub to u if u sub to me