Answer:
$8000
Step-by-step explanation:
Given: Car worth = $9,500, car loan = $7,400. Student loan = $6,000, savings account = $1500. The balance on her credit card is $3200.
Formula: Total Assets - Total Liabilities - Intangible Assets = Tangible Net Worth.
To find: Gale's net worth
Solution: You can calculate your net worth by subtracting your liabilities (debts) from your assets.
Firstly, calculate the total amount of assets by adding them together;
Total assets = Car worth + car loan + Student loan + savings account + balance on her credit card =
$9,500 + $7,400 + $6,000 + $3200 =$26,100
Secondly, calculate the Liabilities by adding them together;
Car loan + Student loan =
$7,400 + $6,000 = $13,400
Then, calculate the Intangible Assets by adding them together;
Savings account + The balance on her credit card =
$1500 + $3200 = $4700
Finally, subtract the total amounts;
$26,100 - $13,400 - $4700 = $8000
(Note:- If your assets exceed your liabilities, you will have a positive net worth. Conversely, if your liabilities are greater than your assets, you will have a negative net worth.)