c. The third friend, Uche Okaforb by name stays in the USA. He is applying for...

Question

Question

c. The third friend, Uche Okaforb by name stays in the USA. He is applying for a personal loan from a bank. As part of its st

business accounting

Answer 1

Answer #1

Calculation of net worth of the Uche's

net worth is equal to total assets minus total liabilities

Assets

Residential Flat : $3,000,000

Bank Deposits: $50,000

Treasury bills: $55,000

Listed stocks: $10,000

3-month Certificate of Deposit: $50,000

Life Insurance Cash Value: $125,000

MPF Account Balance: $350,000

Total Assets: $3,750,000

Debts

Mortgage Loan: $1,500,000

Credit Card Balance: $10,000

Total Debts: $1,510,000

Total Assets$3,750,000 - Total Liabilities$1,510,000 = $2,240,000

Net worth of Uche's is $2,240,000

Answer 2

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