Personal Liabilities - Quiz Quiz Answers

An individual took out a loan to purchase a car. The total cost of the car was $20,000, but they received a trade-in credit of $5,000 from their old car. They paid $2,000 as a down payment and financed the rest with a loan. The car insurance costs $150 and gas costs $75 each month. What is the liability in this scenario?

Garrett has a gross monthly income of $⁢4,000 and pays $⁢1,200 per month toward debt, including a car loan and credit card payments. What is his debt-to-income ratio, written as a percent? Use the debt-to-income ratio formula: (total monthly debt payments)/(gross monthly income)⋅100

Redondo spent $4,000 on new furniture for their home. They paid $1,000 in cash, received a $500 discount, and financed the remaining amount. They also spend $100 on utilities and $50 on home maintenance monthly. What is the liability in this scenario?

Christopher used $5,000 from his savings and borrowed $10,000 to start his business. He spends $500 per month on supplies and $200 on marketing. What is the liability in this scenario?

Carolina's gross monthly salary is $⁢6,000 She has $⁢1,200 in total monthly debt payments, including a mortgage and car loan. What is her debt-to-income ratio, written as a percent? Use the debt-to-income ratio formula: (total monthly debt payments)/(gross monthly income)⋅100

Eden earns $⁢3,500 per month from her salary and $⁢500 from a part-time job. Her monthly debt payments include $⁢250 for a student loan and $⁢150 for a credit card. What is her debt-to-income ratio, written as a percent? Use the debt-to-income ratio formula: (total monthly debt payments)/(gross monthly income)⋅100

Elle spent $3,000 from her checking account and borrowed $7,000 through a personal loan to renovate her home. She also spends $300 each month on maintenance. What is Elle's liability in this scenario?

Naftali borrowed $15,000 from a bank to buy a motorcycle. His monthly loan payment is $250. He also spends $80 on insurance and $40 on fuel every month. Which expense is Naftali's liability?

Christopher financed $20,000 to open a coffee shop. He also invested $8,000 from his personal account and spends $500 monthly on rent, plus $200 on utilities.

Susannah purchased a new phone plan with a two-year total contract cost of $1,200. They paid $300 upfront and financed the rest in equal monthly payments. They also pay $50 per month for a data plan and $10 for an insurance plan. What is the liability in this scenario?