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the worthington family is applying for a loan to purchase a new home.In order to qualify they must have a net worth greater than 100,000. based on the info given what is the worthing family's net worth will they qualify for the loan

Sagot :

Answer:

I guess please finish the question or this is the numbers I had.

Step-by-step explanation:

  • Mr. Worthington is a dentist, so he has $85,400 in student loans to pay off.

  • Mrs. Worthington earns $42,500 per year at her job. The Worthington family has a savings account with a balance of $18,800.

  • They own two vehicles that are worth a combined total of $64,600.

  • Mrs. Worthington owns an antique necklace valued at $6,200.

  • The Worthingtons have been saving for their children's college fund. currently has a balance of $24,700.
MrRoyal

Worthington family would not be able to apply for the loan to purchase a new home because their net worth is less than $100,000

How to determine the family's networth?

The given parameters are:

Student loan = $85,400

Earnings =  $42,500 per year

Savings account balance = $18,800.

Vehicles worth = $64,600.

Necklace value = $6,200.

College fund balance =  $24,700

The net worth is the sum of the family's earnings, account balance minus the loans.

So, we have:

Networth = $42,500 + $18,800 + $64,600 + $6,200 + $24,700 - $85,400

Evaluate the sum and the difference

Networth = $71,400

The above means that the Worthington family would not be able to apply for the loan

Read more about networth and income at:

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