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)

Question

Responses

$1,700
$1,700

$900
$900

$1,100
$1,100

$1,000

Answer 1

To calculate your total assets, let's analyze the components:

1. Computer: The value of the computer you purchased is $700.
2. Savings Account: You have $300 in your savings account.
3. Credit Card: The credit card debt does not count as an asset; instead, it is a liability. Therefore, it doesn't affect the total assets calculation.

Now, add the value of the computer and your savings:

• Value of the computer: $700
• Savings account: $300

Total assets = $700 + $300 = $1,000.

So, the correct response is: $1,000.