Ben owns a townhome valued at $195,000, but still owes $120,000 on the loan. ben has $5,000 in savings and a balance of $1,400 on his credit cards. there is a balance of $20,000 owed on ben’s car which is valued at $38,000. what is ben’s net worth?

Hence, Ben's net worth is:

$ 96,600

Step-by-step explanation:

Ben owns a town home valued at $195,000, but still owes $120,000 on the loan.

Ben has $5,000 in savings and a balance of $1,400 on his credit cards.

There is a balance of $20,000 owed on Ben’s car which is valued at $38,000.

So, we will find out his Assets and liabilities and subtract assets from liabilities to obtain his net worth.

( Assets are the item that's owned has an value.

Liability is something that is considered as a debt)

so, Ben's net worth is given by:

Assets- Liabilities.

His assets cost=

$ 195000+$ 38000+$ 5000=$ 238000

His Liabilities cost=

$ 120000+$ 1400+$ 20000=$ 141400

Hence, Ben's net worth is:

$ 238000- $ 141400

=$ 96,600

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step-by-step explanation: