richard owns a house that has a value of $117,627 and a motorcycle that has a value of $622. he owes $15,098 on his car loan. using these assets and liabilities, what is richards net worth?

a. $103,151
b. $133,347
c. -$118,249
d. -$101,907

Question

richard owns a house that has a value of $117,627 and a motorcycle that has a value of $622. he owes $15,098 on his car loan. using these assets and liabilities, what is richards net worth?

a. $103,151
b. $133,347
c. -$118,249
d. -$101,907

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [], "new_concepts": [ "Net Worth Calculation", "Assets and Liabilities" ], "current_concepts": [ "Net Worth Calculation", "Assets and Liabilities" ] } ## Identify assets and liabilities $$ \begin{aligned} &\text{Assets: House } = \$117,627\ &\text{Assets: Motorcycle } = \$622\ &\text{Liabilities: Car Loan } = \$15,098 \end{aligned} $$ ## Calculate total assets and total liabilities $$ \begin{aligned} &\text{Total Assets} = 117,627 + 622 = 118,249\ &\text{Total Liabilities} = 15,098 \end{aligned} $$ ## Calculate net worth $$ \begin{aligned} &\text{Net Worth} = \text{Total Assets} - \text{Total Liabilities}\ &\text{Net Worth} = 118,249 - 15,098 = 103,151 \end{aligned} $$

(A) $103,151

(B) $133,347

(C) -$118,249

(D) -$101,907

{ "subject": "Mathematics", "question_type": "Multiple Choice", "knowledge_point": [ "Mathematics", "Algebra", "Equation Modeling" ] }

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QUESTION IMAGE

Question

Explanation:

Identify assets and liabilities

Calculate total assets and total liabilities

Calculate net worth

Answer: