Answer: His checking account balance is $2,800.
Step-by-step explanation: What Hayden is doing is comparing his assets against his liabilities. This will determine his net worth. His assets ideally are those that increase his net worth such as landed properties, etc while his liabilities in the simplest language are those debts he is paying off either right away, or that he must pay off eventually.
In other words, to determine his net worth, Hayden has to add up all his assets and from the total derived, deduct his liabilities.
Consider the calculations below;
NET WORTH: $17,550
Add ASSETS
Automobile 13600
Retirement Account 6700
Checking Account XX
Less LIABILITIES
Student Loan 4800
Credit card debt 750
Net Worth <u>17550</u>
The above table can be simplified as follows;
Net worth = Assets - Liabilities
17550 = 20300 + XX - 5550
Collecting like terms, you now have;
17550 -20300 +5550 = XX
2800 = XX
The Checking Account represented by XX is now calculated as $2,800
