Question

Ted Riley owns a 2005 Lexus worth $36,000. He owns a home worth $200,000. He has a checking account with $900 in it and a savings account with $2,700 in it. He has a mutual fund worth $88,000. His personal assets are worth $70,000. He still owes $18,000 on his car, $117,000 on his home and has a balance on his credit card of $1,300. What is Ted's net worth? Multiple Choice $533,900 $397,600 O$261.300 $261,300 $136,300 None of the above is correct

Answer 1

Answer : $ 261,300.

Motor Car	$ 36,000
Home	200,000
Amount in Checking Account	900
Amount in Savings Account	2,700
Mutual Funds	88,000
Personal Assets	70,000
Gross Value of Assets	$ 397,600
Less: Liabilities relating to assets	(136,300)
Net Worth	$ 261,300