Question

Rachel lives in a home with a value of $195,000 and has a mortgage of $160,000. She has electronic equipment worth $2,325. She is paying off the equipment with a loan of $875. Her car, which she owns, is worth $9,300. She has $6,890 in a bank account and $1,437 on her credit card. She owes $4,800 in student loans. She has a piano worth $1,200. Construct a net worth statement to find Rachel's net worth

Answer 1

To Find :

Net worth of Rachel.

Solution :

Net worth is given by the (sum of all the assets she owns) -( total amount of loans she have ).

$Net \ Worth=( 195000+160000+2325+9300+1437+1200)-(875+4800)\\\\Net \ Worth=\ \ 363587$

Therefore, net worth of Rachel is $ 363587.

Hence, this is the required solution.