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Financial Statements
The table below is Tobias and Antonia's balance sheet as of December 31, 2021.
Assets
Liabilities
Checking account
$6,000
Credit card balances
Savings account
$3,000
American Express Card (22% interest)
$6,500
Cash
$500
Master Card (20%)
$8,000
Market value of home
$780,000
Car loan
$13,000
Market value of car (Honda)
$15,000
Loan from Antonia's mother
$150,000
Furniture
$5,000
Mortgage
$400,000
Computer & electronics
Jewelry
$1,500
RRSP
Mutual funds
Total assets
$835,300
Total liabilities
$563,000
Net Worth
$272,300
1. If the average spending of Tobias and Antonia is $61,200 per year, (1) compute their liquidity ratio and (2) explain if their liquidity ratio is in appropriate range. Round to two decimal places of percentage (e.g., 11.11%)
2. How much interest could be saved annually if Tobias and Antonia can convert credit card debt to investment loan? They can get investment loan at 6% interest.
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