Question

Marcus is a recent college graduate. He has $18,000 in student loans. He took out a loan to buy a car and owes $16,000. The car is now worth $14,000. He got his first paycheck and has $1400 in his checking account. What is Marcus' net worth? (Enter the positive or negative dollar amount only.)

Answer 1

Given :

Marcus is a recent college graduate. He has $18,000 in student loans. He took out a loan to buy a car and owes $16,000. The car is now worth $14,000. He got his first paycheck and has $1400 in his checking account.

To Find :

Marcus's net worth.

Solution :

We know, net worth is given by :

Net worth = $( Total amount owns - Total loan )

Net worth = $( 16000+1400) - ( 18000+14000)

Net worth = $(17400 - 32000)

Net worth = $-14600

Therefore, Marcus' net worth is $-14600 ( He is in a loan of $14600).

Hence, this is the required solution.