Suppose That Cheryl's Only Assets Are an Automobile Worth $10,000

question 60

Multiple Choice

Suppose that Cheryl's only assets are an automobile worth $10,000 and a checking account with a $5,000 balance. Her only liabilities are a student loan balance of $2,000 and a balance of $8,000 on her car loan. What is her net worth?

• A) $10,000
• B) $8,000
• C) $5,000
• D) $2,000
• E) none of the above

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