Math Problem Statement
Claude Pineau, a factory worker in Hull, Quebec, asks you to help him find out how much he is worth. From a discussion with him you find out the following facts:
His bank account balance is $754. He owns a house valued at $82,500 which has a mortgage on it of $12,500. He owns furniture and household equipment valued at $16,000. He owns a summer property valued at $65,000 which he bought entirely with money borrowed from the bank. Since the time of purchase he has paid back $20,000 of the loan. He has unpaid bills amounting to $1,560. He owes his father-in-law, M. Dupuis, the sum of $10,000 which he borrowed interest-free several years ago at the time he bought his home. Given this information, use a calculator if necessary, to determine how much his total liabilities are worth.
Just input the number without a $ sign, space or any commas.
Solution
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Math Problem Analysis
Mathematical Concepts
Addition
Subtraction
Debt Calculation
Assets vs. Liabilities
Formulas
Total Liabilities = Sum of All Debts
Theorems
Basic Accounting Equation: Assets - Liabilities = Net Worth
Suitable Grade Level
Grades 8-10
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