theresa owes $9,000 on her car loan. if the value of her car is $15,000, what is her equity in the car? $
theresa owes $9,000 on her car loan. if the value of her car is $15,000, what is her equity in the car? $
Answer
Explanation:
Step1: Recall the equity formula
Equity = Asset value - Liability
Step2: Substitute the given values
Asset value (car value) = $15000$, Liability (car loan) = $9000$ Equity = $15000 - 9000$
Answer:
$6000$