ctice Problems Assigned as Review O Calculating Net Worth Jeff Smith is applying

Question

ctice Problems Assigned as Review O Calculating Net Worth Jeff Smith is applying for a loan and the bank has asked her for some financial information. Use the following data to net worth. calculate Jeff's . American Express credit card balance $600 . Auto loan balance $8,000 . Automobile $20,000 . Cash on hand $500 . Checking account balance $1,300 * House $150,000 . Money market account $2,200 . Mortgage loan balance $100,000 Make sure you do not include comma's or $'s in your answer Numeric Answer

Explanation / Answer

A person net worth = asset- liability

here in this question

assets = Automobile = $20,000

Cash on hand =$500

Checking account balance = $1,300

House = $150,000

Money market account = $2,200

Hence total asset = $174,000

now liabilities =

credit card balance = $600

Auto loan balance = 8000

Mortgage loan balance = $100,000

hence total liabilities= 108600

hene net worth = 174000-108600= 65400

Thanks

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