Answer:Taylor'S Wealth=$111,000
Explanation:
Wealth Is referred to as Net worth and is defined as
Wealth ( Net worth ) = Asset - Liability ( Debt)
Taylor'S ASSETS
House= $400,000
Two Cars: $15,000
Cash: $1,000
Checking account balance $3,000
Total assets=$419,000
Taylor'S DEBTS
/LIABILITY
Credit cards: $3,000
Car loans: $5,000
Mortgage: $300,000
Total debts ( Liability ) =$308,000
Taylor'S Wealth ( Net worth ) = Asset - Liability
$419,000- $308,000= $111,000
