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?
1 answer:
Answer:
$200
Step-by-step 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.
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