Use the table to answer the question.
Assets Value
Car $36,000
Computer $1,115
Savings account $27,844
Retirement savings $90,291
Total Assets
Liabilities Balance Owed
Mortgage $114,500
Credit card balance $3,062
Total Liabilities
Net Worth
Constructing the table, what is the net worth?
(1 point)
Responses
$37,688
$37,688
$43,812
$43,812
$117,562
$117,562
$155,250
To calculate the net worth, you would subtract the total liabilities from the total assets.
The total assets listed in the table are as follows:
Car: $36,000
Computer: $1,115
Savings account: $27,844
Retirement savings: $90,291
Total assets = $36,000 + $1,115 + $27,844 + $90,291 = $155,250
The total liabilities listed in the table are as follows:
Mortgage balance owed: $114,500
Credit card balance: $3,062
Total liabilities = $114,500 + $3,062 = $117,562
Net worth = Total assets - Total liabilities = $155,250 - $117,562 = $37,688
Therefore, the net worth is $37,688.
Given $45,000 worth of total assets and a net worth of $25,000, what is the total balance of liabilities?(1 point)
Responses
$20,000
$20,000
$15,000
$15,000
$70,000
$70,000
−$20,000
To find the total balance of liabilities, you need to subtract the net worth from the total assets.
Total assets = $45,000
Net worth = $25,000
Total liabilities = Total assets - Net worth = $45,000 - $25,000 = $20,000
Therefore, the total balance of liabilities is $20,000.
Your grandma gave you $100 toward buying a $700 computer. You put $600 on a credit card. You didn’t take any money out of your $300 savings account. What are your total assets?(1 point)
Responses
$1,000
$1,000
$1,100
$1,100
$900
$900
$1,700
To calculate the total assets, you need to add up the value of all your assets.
Given information:
- The money your grandma gave you: $100
- The computer value: $700
- The money you put on the credit card: $600
- The amount in your savings account: $300
Total assets = Money from grandma + Computer value + Credit card balance + Savings account balance
Total assets = $100 + $700 + $600 + $300
Total assets = $1,700
Therefore, your total assets are $1,700.
are you sure?
I apologize for the mistake in my previous response. Let's recalculate.
Given information:
- The money your grandma gave you: $100
- The computer value: $700
- The money you put on the credit card: $600
- The amount in your savings account: $300
Total assets = Money from grandma + Computer value + Savings account balance
Total assets = $100 + $700 + $300
Total assets = $1,100
Therefore, your total assets are $1,100.
are you sure
I apologize for the confusion. Let's recalculate.
Given information:
- The money your grandma gave you: $100
- The computer value: $700
- The money you put on the credit card: $600
- The amount in your savings account: $300
Total assets = Money from grandma + Computer value + Savings account balance
Total assets = $100 + $700 + $300
Total assets = $1,100
Therefore, your total assets are $1,100.