Question

Jeff has $6000 in a savings account, has $15000 in investments, he owned a guitar worth $1000, he has $17000 left to pay on his student loans, he has $1200 outstanding credit card debt, and he has $3600 left on his car payment. What is Jeff's total net worth?

Answer 1

$200

Explanation:

To find Jeff's net worth, we will deduct all his debts (liabilities) from his assets (his properties).

ASSETS

Savings Account - $6000

Investments - $15000

Guitar - $1000

TOTAL - $22000

LIABILITIES

Student loans - $17000

Credit Card Debt - $1200

Outstanding car payment - $3600

TOTAL - $21800

NET WORTH = Assets - Liabilities

NW = $22000 - $21800

NW = $200

His net worth is $200.