question 21\n5 pts\nsonny and cher have a net worth of $81,661 and total assets of $201,646. if their short…

Question 21

Explanation:

Step1: Recall net - worth formula

Net worth = Total assets - Total liabilities. First, find total liabilities. Let total liabilities be $L$. Then $L=\text{Total assets}-\text{Net worth}$. $L = 201646 - 81661=119985$

Step2: Calculate long - term liabilities

Let long - term liabilities be $L_{long}$. We know that Total liabilities = Short - term liabilities+Long - term liabilities. So $L_{long}=L - \text{Short - term liabilities}$. $L_{long}=119985 - 3052 = 116933$

Answer:

$116933$

Question 22

Explanation:

Step1: Use compound - interest formula

The compound - interest formula for appreciation is $A = P(1 + r)^n$, where $P$ is the initial price, $r$ is the annual interest rate, and $n$ is the number of years. Here, $P = 7222$, $r=0.071$, and $n = 5$. $A=7222\times(1 + 0.071)^5$

Step2: Calculate the value

First, calculate $(1 + 0.071)^5=1.071^5\approx1.41477$. Then $A = 7222\times1.41477\approx10217.47$

Answer:

$10217.47$

Question 23

Explanation:

Step1: Recall debt - service ratio formula

The debt - service ratio formula is $\text{Debt - service ratio}=\frac{\text{Monthly loan payments}}{\text{Monthly gross income}}$. Here, the monthly loan payments are $1527$ and the monthly gross income is $5867$. $\text{Debt - service ratio}=\frac{1527}{5867}\approx0.26$

Answer:

$0.26$