Last year John purchased a car for $45 000,a desktop computer for $4000,and a camera for $2500.At present,John has $1000 in credit card debt and a $1800 bank loan.With reasonable estimate of market values,John's car is worth $40 000,computer is worth $2000,and camera is worth $3000.What is John's net worth today?
A)$37 200
B)$48 700
C)$42 200
D)$39 200

Question

Quizplus · Accepted Answer

To find John's net worth, we need to add up the current market values of all his assets and then subtract the total amount of his debts.

Current market value of the car = $40 000 
Current market value of the computer = $2000 
Current market value of the camera = $3000

Total value of assets = $40 000 + $2000 + $3000 = $45 000

Total amount of debts = $1000 + $1800 = $2800

Net worth = Value of assets - Amount of debts 
= $45 000 - $2800 = $42 200

Therefore, the answer is C).

Last Year John Purchased a Car for $45 000,a Desktop