To determine which statement is true based on the given information, we need to compare the family’s assets and liabilities from 2007 to 2008.
### Given Data:
#### 2007:
- Home: \[tex]$315,000
- Mortgage: \$[/tex]265,000
- Car: \[tex]$10,000
- Savings: \$[/tex]2,000
#### 2008:
- Home: \[tex]$325,000
- Mortgage: \$[/tex]240,000
- Car: \[tex]$6,000
- Car Loan: \$[/tex]1,000
### Step-by-step Solution:
1. Calculate Total Assets for 2007:
- Home: \[tex]$315,000
- Car: \$[/tex]10,000
- Savings: \[tex]$2,000
- Total Assets 2007:
\[
315{,}000 + 10{,}000 + 2{,}000 = 327{,}000
\]
2. Calculate Total Liabilities for 2007:
- Mortgage: \$[/tex]265,000
- Total Liabilities 2007:
[tex]\[
265{,}000
\][/tex]
3. Calculate Total Assets for 2008:
- Home: \[tex]$325,000
- Car: \$[/tex]6,000
- Total Assets 2008:
[tex]\[
325{,}000 + 6{,}000 = 331{,}000
\][/tex]
4. Calculate Total Liabilities for 2008:
- Mortgage: \[tex]$240,000
- Car Loan: \$[/tex]1,000
- Total Liabilities 2008:
[tex]\[
240{,}000 + 1{,}000 = 241{,}000
\][/tex]
### Comparison:
- Assets:
- 2007: \[tex]$327,000
- 2008: \$[/tex]331,000
- Change:
[tex]\[
331{,}000 - 327{,}000 = 4{,}000 \quad (Increase)
\][/tex]
- Liabilities:
- 2007: \[tex]$265,000
- 2008: \$[/tex]241,000
- Change:
[tex]\[
265{,}000 - 241{,}000 = 24{,}000 \quad (Decrease)
\][/tex]
### Conclusion:
From 2007 to 2008, the assets increased and the liabilities decreased. Therefore, the correct answer is:
d. From 2007 to 2008, assets increased and liabilities decreased.
