Question

Andre owns a condominium with a value of $145,000. He has a stock portfolio worth $8,300. He owes $3,700 on his car, which is valued at$9,500. He has $7,200 in student loans to repay. He has a credit card balance of $4,372. He also has $2,600 in a bank account. Construct a net worth statement to find Andre's net worth

Answer 1

Andre's net worth = $150,128

Explanation:

Net worth refers to the difference between total assets and total liabilities.

Therefore, Andre's net worth statement can be constructed as follows:

Andre's Net Worth Statement

Details Amount ($) Total ($)

Assets:

Condominium 145,000

Stock portfolio 8,300

Car value 9,500

Bank account balance 2,600

Total assets 165,400

Liabilities:

Amount owing on car (3,700)

Student loans (7,200)

Credit card balance (4,372)

Total liabilities (15,272)

Andre's net worth 150,128