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

question 91

Multiple Choice

Suppose that David'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 with $6,000 negative net worth.
• E)None of the above statements are correct.

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