At the beginning of the year, Megan had a Net Worth of $78,000. As of January 2021, she set aside $1,200 per month from her paycheque for savings and borrowed $25,000 from her uncle that she must pay back in January 2022. She used the money from her uncle for a down payment on a condo that she bought for $125,000. She has a mortgage of $100,000 and her monthly mortgage payments are $2,000. What is Megan’s Net Worth at the end of the year, December 2021. $92,400 $67,400 $217,400 $78,000 $117,400
At the beginning of the year, Megan had a Net Worth of $78,000. As of January 2021, she set aside $1,200 per month from her paycheque for savings and borrowed $25,000 from her uncle that she must pay back in January 2022. She used the money from her uncle for a down payment on a condo that she bought for $125,000. She has a mortgage of $100,000 and her monthly mortgage payments are $2,000. What is Megan’s Net Worth at the end of the year, December 2021. $92,400 $67,400 $217,400 $78,000 $117,400
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 64IIP
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Question
At the beginning of the year, Megan had a Net Worth of $78,000. As of January 2021, she set aside $1,200 per month from her paycheque for savings and borrowed $25,000 from her uncle that she must pay back in January 2022. She used the money from her uncle for a down payment on a condo that she bought for $125,000. She has a mortgage of $100,000 and her monthly mortgage payments are $2,000. What is Megan’s Net Worth at the end of the year, December 2021.
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$92,400
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$67,400
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$217,400
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$78,000
-
$117,400
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