In Finance for Life: Your Personal Balance Sheet and Income Statement on page 88, we learned that

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In Finance for Life: Your Personal Balance Sheet and Income Statement on page 88, we learned that individuals have financial statements just like firms. Prepare your personal balance sheet using the following items: (i) You have a 2003 Corolla that you bought for $3,500 and still owe a note of $2,000; (ii) your checking account has a balance of $453.28, and you have a savings account with a $2,412.49 balance; and

(iii) you have an unpaid balance on your school loan of $12,591.22 (your tuition for last year). What is your current net worth?

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