Dave Scott Bought a Used Car in Early 2007 for $12,000.He

question 76

Multiple Choice

Dave Scott bought a used car in early 2007 for $12,000.He borrowed $11,000,which he is repaying over four years.During 2007,he made payments of $3,600,of which $800 was interest and $2,800 was repayment of principal.Dave believes the car depreciated about $4,000 in 2007.Given the above data we can say that by the end of 2005 the car had

• A)increased Dave's net worth by $8,200.
• B)decreased Dave's net worth by $4,800.
• C)increased Dave's assets by $12,000,increased his liabilities by $11,000,and increased his net worth by $1,000.
• D)decreased Dave's net worth by $200.

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Definitions:

Mastery Goal

An aim to fully understand or master a skill or subject, rather than merely to achieve a good grade or outperform others.

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