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

question 58

Multiple Choice

Suppose that Doug's only assets are an automobile worth $10,000 and a checking account with a $5,000 balance. His only liabilities are a student loan balance of $12,000 and a balance of $9,000 on his car loan. What is his net worth?

• A) $21,000
• B) $15,000
• C) $6,000
• D) Doug is currently insolvent.
• E) None of the above statements are correct.

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