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

Stephen paid $20,000for his car 3 years ago. He still has we monthly payments of $400 left to pay, and the current 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?

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