Question

Maxwell has $10,000 in the bank, a $250,000 home, and investments worth $8,000. He also has $8,000 worth of credit card debt and a $175,000 home loan. Maxwell wants to know his net worth. He adds all of his assets together and determines his net worth is $268,000. Evaluate Maxwell's determination.


His calculations are correct.
He forgot to include one of his assets.
He forgot to deduct his liabilities.
He included one asset as a liability.

Answer 1

@themicronic

Answer 2

What's your guess?

Answer 3

D @rainbowbrony555

Answer 4

Nope :)

Answer 5

How much are his assets @Sdelgado95 ?

Answer 6

Idk I'm no good at this

Answer 7

It's not D @Sdelgado95, take another guess

Answer 8

C

Answer 9

Yes.

Answer 10

yes, correct :)

Answer 11

Thank you two!!!

Answer 12

Do you know why it is C?

Answer 13

Noooo can u explain pls

Answer 14

So, he has:
$250,000 home
$10,000 in bank
$8,000 investment
^equals $268,000

Answer 15

Because he added all his assets, but he did not deduct his debt and loan

Answer 16

I see

Answer 17

That is his assets, but he did not deduct liabilities:
$175,000 loan
$8,000 debt

The assets-liabilities = net worth

Answer 18

Tom's new credit card has a $35 annual membership fee due in September. In August, Tom received a credit card bill totaling $45 and was only able to pay the $20 minimum payment before the due date. How much balance will show up on Tom's credit card in September if the introductory APR of 0% still applies and the late fee is $30?

$60
$90
$75
$55
Do you all know what kind of questions these are

Answer 19

I have this under math models

Answer 20

Well, if the APR is still 0%, then we are working with our basic fees, no interest.

Answer 21

But since I work online I have no one teaching me how to work these out

Answer 22

So, he paid 20 of the 45.
45-20=25
Late fee is 30
25+30=?

Answer 23

D