Megan has $500 in short-term savings, $5,000 in her retirement savings account, $500 in credit card debt, and student loan debt

Question

3 years ago

5

of $6,500. Assuming that these are all of Megan's assets and liabilities, what is Megan's net worth?

2 answers:

andreyandreev [35.5K] · Answer 1 · 2022-05-05T08:25:14+03:00

5 0

<span>5.500 - 7,000 = </span>-$6,995

laila [671] · Answer 2 · 2022-05-05T07:00:52+03:00

Given, the amount Megan has in short term savings = $500.

The amount in retirement savings account = $5000.

The amount in credit card debt = $500.

The amount in student loan debt = $6500.

So total assets of Megan = Sum of short term savings and retirement savings.

Total asset = $500 + $5000 = $ $(500+5000)$ = $ $5500$

Total liabilities of Megan = sum of credit card debt and student loan debt.

Total liability = $ 500 + $6500 = $ $(500+6500)$ = $ $7000$

Now to find Megan's net worth we have to subtract total liability from total asset.

So Megan's net worth = $5500-$7000 = $ $(5500-7000)$ = $ $(-1500)$

So we have got the required answer.

Net worth of Megan = -$1500.