Robert owns a $213,000 town house and still has an unpaid mortgage of $174,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa 24 610 MasterCard 561 Discover card 429 Education loan 1,003 Personal bank loan 894 Auto loan 4,970 Total 2$ 8,467 Robert's net worth (not including his home) is about $21,600. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. (a) What is Robert's debt-to-equity ratio? (Round your answer to 2 decimal places.) Debt-to-equity ratio (b) Has he reached the upper limit of debt obligations? O Yes O No

Robert owns a $213,000 town house and still has an unpaid mortgage of $174,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa 24 610 MasterCard 561 Discover card 429 Education loan 1,003 Personal bank loan 894 Auto loan 4,970 Total 2$ 8,467 Robert's net worth (not including his home) is about $21,600. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. (a) What is Robert's debt-to-equity ratio? (Round your answer to 2 decimal places.) Debt-to-equity ratio (b) Has he reached the upper limit of debt obligations? O Yes O No

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 57P

See similar textbooks

Similar questions

Robert Sampson owns a townhouse valued at $140,000 and still has an unpaid mortgage of $110,000. In addition to his mortgage, he has the following liabilities: Visa MasterCard Discover card Education loan Personal bank loan Auto loan Total $ 565 480 395 920 800 4,250 $7,410 Robert's net worth (not including his home) is about $21,000. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. a. What is Robert's debt-to-equity ratio? (Round your answer to 2 decimal places.) Debt-to-equity ratio b. Has he reached the upper limit of debt obligations? Yes No
Robert owns a $140,000 townhouse and still has an unpaid mortgage of $110,000. In addition to his mortgage, he has the following liabilities: Visa $565 MasterCard 480 Discover card 395 Education loan 920 Personal bank loan 800 Auto loan 4,250 Total $7,410 Robert’s net worth (not including his home) is about $21,000. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. What is Robert’s debt-to-equity ratio? Has he reached the upper limit of debt obligations? Explain
Robert owns a $190,000 town house and still has an unpaid mortgage of $142,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa $ 637 MasterCard 517 Discover card 483 Education loan 994 Personal bank loan 892 Auto loan 4,580 Total $ 8,103 Robert’s net worth (not including his home) is about $30,400. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. (a) What is Robert’s debt-to-equity ratio? Im not sure how to round the answer to 2 decimal places. (b) Has he reached the upper limit of debt obligations? yes or no?
Ryan and Nicole have $186,440 in assets, and the following liabilities: Mortgage $47,122 Car loan 3,472 Credit card balance 301 Student loans 16,602 Furniture note (6 months) 1,282 The total of the current liabilities is $____ The total of the long-term liabilities is $____ Ryan and Nicole's net worth is $____
Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $113,087. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $ ______ Answer is not 338,000 or 224,911
Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $321,800. The balance on their existing first mortgage is $154,920. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit? $
Raya Mancillas has determined that her net worth is $54,000, excluding her home. She owes $78,000 on her mortgage and $15,000 on a car loan. What is Raya's debt-to-equity ratio?
Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $322,800. The balance on their existing first mortgage is $154,920. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit? $ Need Help? Read It
Fred’s net worth is shown in the table below. Assets are positive numbers and liabilities are negative numbers. If Fred’s net worth is $74,000 how much does he owe in credit card debt?
! Required information [The following information applies to the questions displayed below.] This year Randy paid $28,450 of interest on his residence. (Randy borrowed $456,000 to buy his residence, which is currently worth $506,000.) Randy also paid $2,650 of interest on his car loan and $4,425 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? a. Randy received $2,320 of interest this year and no other investment income or expenses. His AGI is $75,000. Interest deductible
Andy's yearly income is $40,000. What would Andy's debt load be on a $15,000 personal loan? Would Andy's debt load follow the guidelines of the 20/10 rule? Provide a reason for Your answer.
Ted owns a car worth $40,000. Owns home worth $275,000, Checking acct with $800, Saving Acct with $1,900, mutual fund worth $110,000. Personal assets worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and has balance on credit card of $1,600. What's Ted net worth?