Question

Ted Riley owns a Lexus worth $40,000. He owns a home worth $275,000. He has a checking account with $800 in it and a savings account with $1,900 in it. He has a mutual fund worth $110,000. His personal assets are worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and he has a balance on his credit card of $1,600. What is Ted's net worth?

Answer 1

Answer:

Ted's net worth: 341,100

Explanation:

• Lexus 40,000
• Home 275,000
• Checking account 800
• Savings account 1,900
• Mutual fund 110,000
• Personal assets 90,000

Total Assets: 517,700

• Car debt 25,000
• Home debt 150,000
• Credit card 1.600

Total Liabilities: 176,600

Net Worth: 341,100