Question

Jasmine Smith owns a condo worth $340,000, a car valued at $27,000, and miscellaneous assets worth $8,500. She owes $189,000 on the condo and $11,500 on the car and has no other debts. Her retirement account, in which she is fully vested, contains $46,500 in mutual funds. She was just insured with a $540,000 term life insurance policy. What are her total assets

Answer 1

Answer:

her total assets are $422,000

Explanation:

The computation of the total assets is shown below:

Jasmine Smith's total assets is

= Worth of condo + Value of car + Miscellaneous assets + Mutual fund investment

= $340,000 + $27,000 + $8,500 + $46,500

= $422,000

hence, her total assets are $422,000

We simply applied the above formula so that the correct amount could come