Quinn lives in a house with a value of $235,000.
She has a mortgage of $170,000. She owes $5,900
on her car, which is valued at $17,900. She has a
credit card balance of $823. Quinn also has $1,200
in a bank account. What is Quinn’s net worth?
A $76,177
B $77,377
C $82,900
D $84,100
How do I solve this?
Assets are +
Liabilities are -
235000
-170000
+17900
-5900
-823
+1200
-------------
77377
@The Guy With Some of the Answers is it
I will check if this answer is right.
Yes it is.
I believe it is B
Yes it is
To determine Quinn's net worth, we need to calculate the sum of all her assets and subtract her liabilities.
1. Add up the value of her assets:
- House value: $235,000
- Car value: $17,900
- Bank account: $1,200
Total assets: $235,000 + $17,900 + $1,200 = $254,100
2. Add up her liabilities:
- Mortgage: $170,000
- Car loan: $5,900
- Credit card balance: $823
Total liabilities: $170,000 + $5,900 + $823 = $176,723
3. Finally, calculate Quinn's net worth by subtracting the total liabilities from the total assets:
Net worth = Total assets - Total liabilities
= $254,100 - $176,723
= $77,377
Therefore, Quinn's net worth is $77,377.
The correct answer is B) $77,377.