Dave Scott bought a used car in early 2007 for $12,000. He borrowed $11,000, which he is repaying over four years
During 2007, he made payments of $3,600, of which $800 was interest and $2,800 was repayment of principal. Dave believes the car depreciated about $4,000 in 2007. Given the above data we can say that by the end of 2005 the car had
A)
increased Dave's net worth by $8,200.
B)
decreased Dave's net worth by $4,800.
C)
increased Dave's assets by $12,000, increased his liabilities by $11,000, and increased his net worth by $1,000.
D)
decreased Dave's net worth by $200.
D
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