Question
If you live in a $500000 house; with a $400,000 mortgage and also have $50000 in the bank(checkable deposits); what is your net worth?
Answers
GPT-4o mini
To calculate your net worth, you need to subtract your liabilities from your assets.
**Assets:**
- Value of the house: $500,000
- Cash in the bank: $50,000
Total assets = $500,000 (house) + $50,000 (cash) = $550,000
**Liabilities:**
- Mortgage debt: $400,000
Now, calculate the net worth:
Net Worth = Total Assets - Total Liabilities
Net Worth = $550,000 - $400,000 = $150,000
Thus, your net worth is **$150,000**.
**Assets:**
- Value of the house: $500,000
- Cash in the bank: $50,000
Total assets = $500,000 (house) + $50,000 (cash) = $550,000
**Liabilities:**
- Mortgage debt: $400,000
Now, calculate the net worth:
Net Worth = Total Assets - Total Liabilities
Net Worth = $550,000 - $400,000 = $150,000
Thus, your net worth is **$150,000**.