Vernon Dursley is applying for a loan, and the bank has asked him for some finan

Question

Vernon Dursley is applying for a loan, and the bank has asked him for some financial information. Use the following data to calculate Vernon's net worth.

                      

            $2,000               Checking account balance

            $1,000               Visa balance

            $3,000               Money market account balance

            $150,000          House

            $100,000          Mortgage loan balance

            $1000                Mortgage payment

            $10,000            Automobile

            $300                  Auto loan payment

            $500                  Cash on hand

            $7,500               Auto loan balance

$55,700

$57,000

$165,500

$108,500

$55,700

$57,000

$165,500

$108,500

Explanation / Answer

Solution:

Net Worth of Vernon Checking Account balance 2,000 Add: money market account 3,000 House 150,000 Less: Mortgage loan -100,000 Automobile 10,000 Cash on hand 500 Less: auto loan -7,500 Less: Auto loa payment Less: Mortgage payment -1,000 Net Worth of Vernon 57,000

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