Julio has a house worth $220,000. he has a $175,000 mortgage. julio says that in this situation, his asset is really only $45,000. which statement explains whether julio is correct?

$45,000 equity in the house is the real asset, thus Julio is correct.

Explanation:

his asset = worth of the house - mortgage

               = $220000 - $175000

               = $45000

Julio is right because the $45,000 equity in the house is the real asset.

Explanation:

The asset is a resource own by a person or organization that has an economic value. When you are determining the value of your asset, you need to consider if you have a loan on them, as this is a liability that has to be subtracted from the value to get the net worth. So, according to this, Julio is correct because his house has a value of $220,000 but he has a mortgage of $175,000 and when it is subtracted, his asset is $45,000.

answer; the nav calculated at the market close at 4: 00 pm new york time;

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