81.2k views
5 votes
The Thompson family made this table when finding their net worth. They took out a home equity loan for $5,000. What is their net worth now?

(A) $102,796
(B) $97,902
(C) $107,796
(D) $100,296

User Chaosink
by
8.2k points

1 Answer

7 votes

The Thompson family's net worth is $33,742, calculated by subtracting their total liabilities ($102,168) from their total assets ($135,910). Thus, the correct answer is (B) $33,742.

The Thompson family's net worth is the sum of their assets minus their liabilities.

Assets:

* Checking and savings: $1,520

* Automobile: $9,250

* House value: $112,340

* Furniture, etc.: $12,800

Total assets: $135,910

Liabilities:

* Auto loan: $5,238

* Credit cards: $580

* Mortgage: $78,570

* Home equity loan: $5,000

* Other loans: $13,780

Total liabilities: $102,168

Net worth: $135,910 - $102,168 = $33,742

Therefore, the answer is (B) $33,742.

The Thompson family made this table when finding their net worth. They took out a-example-1
User Shuying
by
8.1k points