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21 September, 05:46

Michael has $47,000 in assets. He also has a car loan for $15,000 and student loan of $12,000. What is Michael's Net Worth?

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  1. 21 September, 08:59
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    car loan = 15,000

    student loan = 12,000

    total liabilities = add up all the loans (or amount owed)

    total liabilities = 15,000+12,000

    total liabilities = 27,000

    net worth = (total assets) - (total liabilities)

    net worth = (47,000) - (27,000)

    net worth = 20,000 dollars
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