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Last year you bought an $8,000 car with a $1,000 down payment and a $7,000 loan. This year the car has a market value of $6,000 and the loan balance is currently $5,500. Comparing your net worth from last year to this year, how has your net worth changed

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ogorwyne

Comparing the net worth from last year to this year, the change in net worth is that it has decreased by 500 dollars.

How to solve for the net worth

At the time the car was bought, assets was $8000

Loan = liabilities = $7000

Net worth is given as

8000 - 7000 = $1000

We have asset value as $6000

liabilities = 5500 dollars

Then net worth = 6000 - 5500

= $500

Change in net worth = new - 0ld

= 500 - 1000

= -500 dollars

Therefore we conclude that the net worth has decreased by 500 dollars.

Read more on market value here: https://brainly.com/question/8084221

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