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Theresa owes $9,000 on her car loan. If the value of her car is $15,000, what is her equity in the car? PERSONAL FINANCE

Theresa owes $9,000 on her car loan. If the value of her car is $15,000, what is her equity in the car? PERSONAL FINANCE
asked 222k views
5 votes
Theresa owes $9,000 on her car loan. If the value of her car is $15,000, what is her equity in the car?

PERSONAL FINANCE

asked
User Gaurav Das
by
8.7k points

2 Answers

1 vote

Answer:

6000

* I took the test and the answer was 6000 :)

answered
User Miles Fett
by
8.5k points
3 votes
Hi there

Since Theresa owes $9,000 this amount enters in liability

the value of her car which is 15000
This amount enters in assets

So to find the equity in the car
Owners equity=assets-liability
Owners equity=15000-9000=6000

6000 is the equity in the car

Good luck!
answered
User Pradeep SJ
by
7.4k points
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