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Question 45.45. (TCO 7) If Barry has been named by Anderson to
distribute his assets as outlined in his will and pay outstanding
obligations, Barry will serve as a(n) (Points : 4)
1. (TCO 1) Suppose Debra Betts has presented you with the following
information: She currently possesses a checking account with a
balance of $850, a savings account with a balance of $3,000, a credit
card balance of $300, jewelry worth $600, real estate valued at $75,000,
and a mortgage on the real estate of $66,000. What is the total of
Debra's assets and how could she increase her net worth? (Points : 10)
2. (TCO 2) What is the difference between a short-term capital gain
and a long-term capital gain? (Points : 10)
3. (TCO 3) Carla Brown wants to know what price home she can
afford. Her annual gross income is $45,000. She owes $1,050 per
month on other debts and expects her property taxes and homeowners
insurance to cost $250 per month. She knows she can get a 5.0%, 30-
year mortgage, so her mortgage payment factor is 5.37. She expects to
make a 20% down payment. What is Michelle's affordable home
purchase price? Assume a lender will use a 38% monthly gross income
guideline. Round your answer to the nearest $100. (Points : 10)
4. (TCO 3) Identify two or three sources of consumer credit and
discuss the advantages and