Calculate Net Worth based on the following: Jim paid $425,000 for his home 5 years ago and
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Question:
Calculate Net Worth based on the following:
Jim paid $425,000 for his home 5 years ago and now his mortgage is $250,000.
He has 4.000 owing on his credit card and he contributes $6,000 per year to his RRSP.
His investments are worth $75,000 and he bought a new car 3 years ago for $50,000.
His house is now worth $950,000 but his car only $35,000.
His Rogers bill is quite high at $500/month and he forgot to pay the last month.
He also has $5,000 in his bank account and his bank just approved his application for a line of credit with a 25,000 limit.
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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