Personal Finance (MindTap Course List)
13th Edition
ISBN: 9781337099752
Author: E. Thomas Garman, Raymond Forgue
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 2DTM
Calculating Net Worth and Net Surplus. Jennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and her net surplus for a recent month. Liquid assets: $10,000; home value: $210,000; monthly mortgage payment: $1,300 on $170,000 mortgage; investment assets: $90,000; personal property: $20,000; total assets: $330,000; short-term debt: $5,500 ($250 a month); total debt: $175,500; monthly gross income: $9,000; monthly disposable income: $6,800; monthly expenses: $6,000.
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Jennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and her net surplus for a recent month. Liquid assets: $15,000; home value: $200,000; monthly mortgage payment: $1,400 on $160,000 mortgage; investment assets: $100,000; personal property: $22,000; total assets: $337,000; short-term debt: $3,480 ($290 a month); total debt: $163,480; monthly gross income: $13,000; monthly disposable income: $6,200; monthly expenses: $7,000. Round your answers to the nearest dollar.
Jennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and her net surplus for a recent month. Liquid assets: $10,000; home value: $210,000; monthly mortgage payment: $1,300 on $170,000 mortgage; investment assets: $90,000; personal property: $20,000; total assets: $330,000; short term debt: $5,500 ($250 a month); total debt: $175,500; monthy gross income: $9,000; monthly disposable income: $6,800; monthly expenses: $6,000.
Jamie Lee wants to determine if she can afford the monthly payments for all of her purchases before she completes the applica
process. Use the information below to determine her debt payment-to-income ratio.
Current Financial Situation
Assets:
Income:
Checking account
$1,900
Savings account
$7,400
Gross monthly salary
Net income
$2,850
$2,195
Emergency fund savings account
$2,900
Monthly Expenses:
IRA balance
$430
Rent obligation
$370
Car
$3,000
Utilities/Electric
$80
Liabilities:
Utilities/Water
$50
Student loan
$11,000
Utilities/Cable
$75
(Jamie is still a full-time student, so
Food
$135
no payments are required on the loan
Gas/Maintenance
$140
until after graduation)
Credit card payment
$0
Acme Home Goods (Washer/dryer
$1,650
Acme Home Goods
$41
and refrigerator)
Local Home Furnishings (Sofa
$1,750
Local Home Furnishings
$46
set)
Big Box Store (52" LED HDTV)
$1,150
Big Box Store
$29
Automobile, Education, Personal, and Installment Loans
Financial Institution or
Account Number…
Chapter 3 Solutions
Personal Finance (MindTap Course List)
Ch. 3.1 - Prob. 1CCCh. 3.1 - What is the biggest financial worry of most...Ch. 3.1 - Prob. 3CCCh. 3.1 - Prob. 4CCCh. 3.2 - Prob. 1CCCh. 3.2 - Prob. 2CCCh. 3.2 - Prob. 3CCCh. 3.2 - Prob. 4CCCh. 3.2 - Which two financial ratios for evaluating...Ch. 3.3 - Prob. 1CC
Ch. 3.3 - Prob. 2CCCh. 3.4 - Prob. 1CCCh. 3.4 - Identify two money topics that you think might...Ch. 3.5 - Prob. 1CCCh. 3.5 - What are budget estimates? Offer some suggestions...Ch. 3.5 - How might one go about revising budget estimates...Ch. 3.5 - Prob. 4CCCh. 3.5 - Name different ways to handle budget variances.Ch. 3 - Prob. 1DTMCh. 3 - Calculating Net Worth and Net Surplus. Jennifer...Ch. 3 - Ratio Analyses. Now that Jennifer better...Ch. 3 - Prob. 4DTMCh. 3 - Prob. 5DTMCh. 3 - Prob. 6DTMCh. 3 - Prob. 1FPCCh. 3 - Prob. 2FPCCh. 3 - Prob. 3FPCCh. 3 - Prob. 4FPCCh. 3 - Prob. 5FPCCh. 3 - Prob. 1BYOPFMCh. 3 - Prob. 4BYOPFMCh. 3 - Prob. 5BYOPFMCh. 3 - Prob. 7BYOPFMCh. 3 - Prob. 10BYOPFMCh. 3 - Prob. 11BYOPFM
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