Question

Directions: Click the Case Link above and use the information provided in the Andrew Chan case to answer this question: 


What is the total amount of Dr. Chan's annualized debt payments, assuming that the full balance of the credit card, not just the annualized paymen,will l aidofin th net 12 months? 

  • $6,900 

  • $94,320 

  • $106,430 

  • $176,980 


Borrower name: De. Andrew Cla Address: 25 Colby Carde Co borrower name: 1 (we) make the follorwing statermment of all my (our) assets and Sablities as of then 10 day of Febsry, 20Y3 and give other material information for the purpose of obtameng credt wth you on nntes and bebs heanng my or agnature eroorsnrnet o qua art.. I- herby yrtiy·ha n statement presents a true, complete, and correct statement of my (our) financial condition as of the date shown and does not omit any pertinent infarmation 1 (we) understand that alimony, child sapport, and separate maintenance need not be revealed, unless 1 (ws) wish to have it consaidered as a basis for repaying the requested creadt. L (we) understand that merepresenting information on this (ar the atached) statsment is a under toderal law. Instructions: Complete ail schedules on pages 2 and 3, then urter any additional information on this page Complete all blanks; , no, or none d appropriate and demand notes payable to banks and on hand and in banks [Sch. 1) 35,000others (Sch. 10 Government securities (quaranteed) Listed securities (Sch. 2) Margn debt (Sch. 11) Other current iabiibes (ist below) Residental real estate mortgages (Sch. 5) 00 Unpad taxes and interest due this year secunties (Sth. 3) recevable (Sch. 4) Accounts and TOTAL LIQUID ASSETS Resuential real state (Sch. S》 Non-residential real estate (Sch. 6) Cash value of lite insurance Autamobiles (Sch. 7) Householid furnishings&personal property Other assets (Sch. 8& 9) Retrement accounts (401(k), Keogh, IRA, atc.) TOTAL ASSETS 122,500 ー-925,000 Non-residential real estate mortgages (Sch. 6) 60000 Auto loans (Sch 75.000 Ocher loans and obigatons (Sch 4330Credit cards (Sch. 13) TO TAL LIABILITIES 65,937 1615500 NET WORTH


500 ortgage payments, con ruasdercial RE (Sch Residential real estate ncome (sch.5 business noome (Sch. 3 and 8) Non-recurring or variable income real estate income (Sch. 6) Insurance pr Chartable cont e contractual oblqations (tuition, etc.) Other lach ist TOTAL Ar any asets pledged? Lnt. Yes Home and condo re you defendant n any suats or lave you ever made s compostion settlement Have You taken bonkruptcy? yes, wir? eneral practioe tner or otficer in other venturess)(s Name(S) and age(s) of dependents atricia (spouse) 38, Katherine (11 Clitford (8) As endorser, co-maker, or guarantor Pending legal claims against you? Borrowers signature Andrew Chans MD amy asssts held in tr No Co-borrowers signature 2/10/Y3 in addition to signing above, if this is an applcation for JOINT CREDIT, please initial below (Do NOT initial below if this is an application for an individual credit.) We intend to apply for joint credt. Co-barrowers intials We intend to apply for joirt credit. Berrowesntas


Tools Sign Commeut PERSONAL FINNNCINL STATE MENT,contned SUPPLEMENTARY SCHEDULES 1 (ttach separate shests if necessary) Andrew Chan, MD Onega Bank Onega Bank 7.500 $27 500 ey Market Description of security or managed by Income recelwedPresent market If pledged, Face value [bonds) se shares 94 shares 22,195 Cndivical, Joinc) $19,850 45,155 22,195 -Venture Fund c -Goliath Growth Fi Vanous US Govenment secunities nd D ya Face value (bonds) ownership Current value recd last year Basis for Description of security Description of collateral held When is payment Name of debtor and relationshp to applicant Amount owing nature of debt Age of debt


13% Sch. 4, Assets: Notes receivable Tools Sign Commet Name of debtor and relationship Amount Description of Description f When is paymen Sch. 5, Assets and liabilities: Residential real estate and mortg Descriptbon property and Annual income of e Current market Balance of related Annualized debt to maturity Residence, 25 Colby Cirde Rental condo: 18 Falling Leat Lane 5675,000 $479,270 Omega Bank 23 $46,140 va $250,000 $182.293 Omega Bank 25 $24.348 $24.000 Sch. 6, Assets and liabilities: Noa-residential real estate and mortgages payable property and Current market Balance of related Annualized of expenses, before value debt Lienholder ears to maturity


SUPPLEMENTARY SCHEDULES 7-13 (Attach separate sheets if necessary) Andrew Chan, MD Sch.7, Liabilities: Autos and auto loans vehicle (year Current market Balance of related debt Annualized Original cost ercedes $115,000 $75,000 $69,000 $16,992 Chrysler Finance 5.0 Sch. 8, Assets and Incomet Other business income (partnership distributions, capital withdrawals, etc.; exclude corporations Business name and Amount received last year ownership Future annua Value of your of incorme shown in tax Sch. 9, Assets and Income: Other significant assets and recurring income (trust income,a Type of income Income received last year Future annual Other asset or source of incorne Current market value Shown in tax return? Form or Purpose. Collateral Outstanding Maturity date Name of lender Payment terms Maturty Present balance Name of lender Original amount


Tools Siqn in debt t lender or t Pr Sch. 12, Liabilities: other loans and obligations Annualized Name of lender Original amount Present balance Rate Paid in ful payments Narne of lender Credit limit Present balance No $19,000 9.25% 5.8410 Capital One Visa 525,000



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Answer #1

Assuming Dr Chan to pay total outstanding on Credit Card,

Total Annualized debt payments = Credit Card Outstanding + Annualized payments on (Mortgages+Car)

= 19000+46140+24348+16992

= $ 106,480.

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