elle spent $3,000 from her checking account and borrowed $7,000 through a personal loan to renovate her…

elle spent $3,000 from her checking account and borrowed $7,000 through a personal loan to renovate her home. she also spends $300 each month on maintenance. what is elles liability in this scenario? the $3,000 from her checking account the renovation cost the $300 monthly maintenance cost the $7,000 personal loan

elle spent $3,000 from her checking account and borrowed $7,000 through a personal loan to renovate her home. she also spends $300 each month on maintenance. what is elles liability in this scenario? the $3,000 from her checking account the renovation cost the $300 monthly maintenance cost the $7,000 personal loan

Answer

Explanation:

Step1: Define liability

A liability is an obligation or debt owed by an individual or entity.

Step2: Analyze each cost

The $3,000 from the checking - account is an expense paid out of existing funds, not a debt. The renovation cost is a general term and not a clear - cut liability. The $300 monthly maintenance cost is an ongoing expense, not a debt in the traditional liability sense. The $7,000 personal loan is a debt that Elle has to repay, which is a liability.

Answer:

D. the $7,000 personal loan