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

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
icon
Related questions
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.

  1. $92,400

  2. $67,400

  3. $217,400

  4. $78,000

  5. $117,400

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education