Answered

Rosetta listed her assets and liabilities on a personal balance sheet.

\begin{tabular}{|c|c|c|c|}
\hline
\multicolumn{4}{|c|}{Rosetta's Balance Sheet (April 2013)} \\
\hline
\multicolumn{2}{|c|}{Assets} & \multicolumn{2}{|c|}{Liabilities} \\
\hline
Cash & [tex]$\$[/tex] 900[tex]$ & Credit Card & $[/tex]\[tex]$ 4,000$[/tex] \\
\hline
Investments & [tex]$\$[/tex] 1,100[tex]$ & Student Loan & $[/tex]\[tex]$ 2,000$[/tex] \\
\hline
House & [tex]$\$[/tex] 150,000[tex]$ & Mortgage & $[/tex]\[tex]$ 100,000$[/tex] \\
\hline
Car & [tex]$\$[/tex] 8,000[tex]$ & Car Loan & $[/tex]\[tex]$ 5,000$[/tex] \\
\hline
Total & & Total & \\
\hline
\end{tabular}

If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?

A. [tex]$\$[/tex] 42,000[tex]$
B. $[/tex]\[tex]$ 50,000$[/tex]
C. [tex]$\$[/tex] 52,000[tex]$
D. $[/tex]\[tex]$ 60,000$[/tex]



Answer :

GinnyAnswer
To determine how much Rosetta should receive after selling her house and paying off the mortgage, let's break down the steps:

1. Identify the house's value:
The value of the house is given as \[tex]$150,000. 2. Identify the mortgage amount: The mortgage on the house is given as \$[/tex]100,000.

3. Calculate the amount Rosetta should receive:
To find out how much Rosetta should receive after the sale, subtract the mortgage amount from the house value:
[tex]\[ \text{Amount received} = \text{House value} - \text{Mortgage amount} \][/tex]
Substituting the values we have:
[tex]\[ \text{Amount received} = \$150,000 - \$100,000 = \$50,000 \][/tex]

After following these steps, we can conclude that Rosetta should receive \[tex]$50,000 after selling her house and paying off the mortgage. Therefore, the answer is \$[/tex]50,000.

Other Questions