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?

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?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 57P

See similar textbooks

Liabilities
Visa	$ 637
MasterCard	517
Discover card	483
Education loan	994
Personal bank loan	892
Auto loan	4,580
Total	$ 8,103

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