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Calculate tim net worth

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Question - Tim owns a house worth $1,380,000, with a $720,000 mortgage. He has a car worth $29,000 that he owns outright. Tim has a balance of $23,000 in his savings account and $1,500 in his chequing account. His line of credit has a limit of $50,000 and a balance of $3,500. Tim has a MasterCard with a $15,000 limit and a balance of $575, and a Visa with a limit of $10,000, and a balance of $1,800. The book value of Tim's TFSA is $73,500, and its current market value is $97,000. He also has $50,000 in a non-registered GIC.

Required -

1. Calculate Tim's net worth.

2. What is his debt-to-equity ratio?

Reference no: EM133127645

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