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Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a month and pays $175 a month for utilities. Mr. Morgan owns a rental property for which
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Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a month and pays $175 a month for utilities. Mr. Morgan owns a rental property for which he receives $680 per month.

Which is a liability?
the yearly salary
the commission
the mortgage
the rental property

User SebK
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2 Answers

3 votes

Answer:

the mortgage.

Step-by-step explanation:

User James Polley
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1 vote

If he has mortgage of $910 a month Mr. Morgan liability is mortgage.

What is mortgage?

Mortgage can be defined as a loan which a person receive to buy a house with an agreement to pay within a stipulated period of time.

The mortgage of the amount of $910 per month is a liability for Mr. Morgan because it is debt and the property or home he purchase is a collateral for the amount borrowed in a situation where he fail to payback the mortgage.

Inconclusion if he has mortgage of $910 a month Mr. Morgan liability is mortgage.

Learn more about mortgage here:

User Sunil Kashyap
by
4.9k points
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