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

$155,250
$155,250

$117,562
$117,562

$43,812
$43,812

$37,688

1 answer

To calculate the net worth, we need to determine the total assets and total liabilities first.

Total Assets Calculation:

  • 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

Total Liabilities Calculation:

  • Mortgage: $114,500
  • Credit card balance: $3,062

Total Liabilities = $114,500 + $3,062 = $117,562

Net Worth Calculation: Net Worth = Total Assets - Total Liabilities Net Worth = $155,250 - $117,562 = $37,688

Thus, the correct response for the net worth is:

$37,688

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