Ted owns a car worth $40,000. Owns home worth $275,000, Checking acct with $800, Saving Acct with $1,900, mutual fund worth $110,000. Personal assets worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and has balance on credit card of $1,600. What's Ted net worth?

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Asked Dec 6, 2019
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Ted owns a car worth $40,000. Owns home worth $275,000, Checking acct with $800, Saving Acct with $1,900, mutual fund worth $110,000. Personal assets worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and has balance on credit card of $1,600. What's Ted net worth?

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Expert Answer

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Compute the net worth:

The net worth is $341,100.

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Amount Amount Assets Liabilities (S) $40,000 Car loan S275,000 Home mortgage S150,000 $800 Credit card (S) 2 Car 3 Home $25,000 4 Checking Acct 5 Savings Acct $1,600 $1,900 6 Mutual Fund $110,000 7 Personal assets 8 Total Assets 9 Net worth $90,000 $517.700 Total Liabilities $176.600 $341,100

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