Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Based on the following information, what is the net worth of the person described as follows? ( Note : Only some of the following items
Based on the following information, what is the net worth of the person described as follows? (Note: Only some of the following items are relevant when calculating net worth.)
Checking account balance | $5,000 |
American Express credit card balance | $650 |
Money market account | $2,200 |
Monthly rent | $1,000 |
Automobile insurance per year | $1,000 |
Automobile | $7,000 |
Cash on hand | $575 |
Auto loan balance | $4,000 |
Food costs per month | $1,000 |
Personal property | $2,000 |
Student loans | $10,000 |
Group of answer choices
-$22,875
$2,125
-$21,875
$1,125
-$9,875
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started