Question: Stephen paid $ 2 0 , 0 0 0 for his car 3 years ago. He still has 2 4 monthly payments of $ 4

Stephen paid $20,000 for his car 3 years ago. He still has 24 monthly payments of $400 left to pay, and
currently the balance on his auto loan is $9,000. He estimates the market value of his vehicle to be $13,000.
What is his equity or ownership position in his car?
a. $11,000
b. $8,000
c. $4,000
d. $3,400

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