Michael has $47,000 in assets. He also has a car loan for $15,000 and student loan of $12,000. What is Michael's Net Worth?

car loan = 15,000

student loan = 12,000

total liabilities = add up all the loans (or amount owed)

total liabilities = 15,000+12,000

total liabilities = 27,000

net worth = (total assets) - (total liabilities)

net worth = (47,000) - (27,000)

net worth = 20,000 dollars