ter 2 Consider the information below for an individual: . Home valued at $250,000 . Mortgage balance of $150,000 . Auto worth $25,000 . $15,000 auto loan 20 . New household furnishings valued at $5,000 . $4.500 loan for furniture . Retirement account of $45,000 . $1,500 in emergency savings . $500 in checking $1500 in a CD $15,000 credit cards balances . $500 per month for student loans; current balance is $25,000 . $100 per month gym membership Using the information above, respond to all of the following: 1. Determine this individual's net worth. Explain. 2. Identify any expenses that are not liabilities. 3. Assume this individual decides to create a budget. What are the two components of a budget? 4. Assume this individual's friend decides to pursue postsecondary education. What are two types of financial aid that the friend could apply for that do not have to be repaid