Jasmine Smith owns a condo worth $260,000,a car valued at $25,000,and miscellaneous assets worth $7,500.Her retirement account,in which she is fully vested,contains $27,500 in mutual funds.Her net worth is $165,000.What are her total liabilities?

Question

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To find Jasmine's total liabilities, you first calculate her total assets by adding the value of her condo, car, miscellaneous assets, and retirement account: $260,000 + $25,000 + $7,500 + $27,500 = $320,000. Then, subtract her net worth from her total assets to find her liabilities: $320,000 - $165,000 = $155,000.

Jasmine Smith Owns a Condo Worth $260,000,a Car Valued at $25,000,and