Question

I will medal and fan anyone who explains & helps me - Jack owns a home valued at $122,000. He owes $67,250 on his mortgage. How much are the asset and liability values for Jack’s home?

Answer 1

Please help

Answer 2

well... not sure if the term is changed somewheres but
liability is how much you're on the red, or owe
and the asset, will be the net worth value
in this case, the equity valuation minus the liability
so 122,000 - 67,250

Answer 3

So 54,750?

Answer 4

I think it's the same, this is what I was told.. I don't understand how to do this question though. A financial assets and liabilities record is an organized list or table of a person’s assets and liabilities. An asset refers to what a person owns that has value. A liability refers to what a person owes to someone else.

Some items may be both. For example, a home’s value is an asset, but a mortgage on that home is a liability. Most items will be one or the other. A bank account or investment account is an asset. Credit cards and student loans are liabilities.

Answer 5

@jdoe0001

Answer 6

" Jack owns a home valued at $122,000. He owes $67,250 on his mortgage." How much equity does Jack have in his home? If you're not sure what "equity" means, in the context of home ownership, please look it up.

Does Jack own his home "outright?" No. He owes money on it.
Does Jack list the total value of his home as an asset? Yes. He does not own the house free and clear yet, but does have some equity in it.
Money owed on a house is categorized as a liability.

Please use this info to answer the original question.

Answer 7

The total value of Jack's home is $122,000.
Of this, part constitutes a liability. How much is the liability?
Part constitutes equity. How much is the equity?

Note: (equity) + (liability) = (total value)

Answer 8

So, 122,000+67,250=189,250?

Answer 9

hi

Answer 10

?

Answer 11

???????????

Answer 12

..What

Answer 13

Wow so much help.

Answer 14

Are we even adding or subtracting?

Answer 15

Whatever then, so much for nothing.