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- end year 1 end year 2 end year 3 assets...
Question: end year 1 end year 2 end year 3 assets...
Question details
| End year 1 | end year 2 | end year 3 | |
| Assets | |||
| Property | $50,000 | $50,000 | $200,000 |
| Motor Vehicle | 15,000 | 15,000 | 40,000 |
| Shares | 10,000 | 10,000 | 10,000 |
| Cash | 5,000 | 8,000 | 20,000 |
| Liabilities | |||
| Mortgage Balance | $40,000 | $30,000 | $0 |
| Car Loan | 8,000 | 5,000 | 0 |
| Students loans | 10,000 | 8,000 | 0 |
| Income | |||
| Salary | $30,000 | $35,000 | $40,000 |
| other (interest) | 0 | 1,000 | 1,000 |
| Expenses | |||
| Mortgage PAyments | $5,000 | $5,000 | $0 |
| Car payments | 1,000 | 5,000 | 2,500 |
| Student loan payments | 1,000 | 1,000 | 500 |
| Other living expenses | 15,000 | 15,000 | 20,000 |
Required:
A. Prepare a net worth calculation to determine unknown income based on the data provided above. [5 marks]
B. In your own words, briefly discuss the results from your analysis. [5 marks]
Solution by an expert tutor
