Question

Samuel has $2,000 in the bank and owns a car worth $9,000. He also has $10,000 worth of student loans and a $500 credit card bill. What is Samuel's net worth?

Select the best answer from the choices provided.
A.
$0
B.
$15,000
C.
$1,100
D.
$500

Answer 1

$10,500

Explanation:

your answer choices are wrong. LOL.

The answer is $10,500 because that is his CURRENT debt. It does not matter how much money he has in the bank or how much his car is worth... those are called assets . Assets don't pay your debts HAHA.

Im a math teacher and just taught this to my students and the correct answer was $10,500 (on plato)

9,000 + 2,000 = 11,000 ... good for you on having some assets. you STILL owe your student loans and credit card bill worth $10,500 hahaha

Answer 2

Option D is the correct choice i.e. $500.

Explanation:

Given the bank balance is 2,000 dollars.

Given the Car's worth is 9,000 dollars.

His Total assets = Bank balance + Car's worth.

Total Assets = 2000 + 9000 = 11,000 dollars.

Given the student loan is 10,000 dollars.

Given the credit card bill is 500 dollars.

His total liability = Student loan + Credit card bill.

Total Liability = 10,000 + 500 = 10,500 dollars.

We know Net worth = Total Assets - Total Liability

Net worth = 11,000 - 10,500 = 500 dollars.

Hence, option D ic correct, i.e. 500 dollars.