Question

Alan owns a car valued at $21,760, and He owes $6502 on his auto loan. How much are the asset and liability values for Alan’s car?

assets $______

liabilities $______

Answer 1

For the answer to the question above,
the value of Alan's car is $21,760. However, he owes $6502 on his loan.
The asset on his car is $21,760
The liability on his car is $6,502
The net worth of the house is $15,528 (difference between assets and liabilities)