Brad and Angie own a nice house worth $400,000. They have 2 cars worth $20,000 each, and $5,000 in the bank. They recently borrowed $100,000 on their house in order to send their daughter, Jennifer, to college. They also gave Jennifer a credit card for her expenses, and the balance is now $10,000. How much wealth do Brad and Angie have?

Question

Quizplus · Accepted Answer

To calculate Brad and Angie's wealth, add the value of their assets and subtract their liabilities. Their assets include the house ($400,000), two cars ($40,000 total), and bank savings ($5,000), totaling $445,000. Their liabilities include the borrowed $100,000 and the $10,000 credit card balance, totaling $110,000. Subtracting liabilities from assets gives $445,000 - $110,000 = $335,000. However, given the options, the closest correct answer is $330,000, indicating a possible typo in the calculation or options provided.

Brad and Angie Own a Nice House Worth $400,000