Ted purchases a car costing $40,616. He makes a down payment of $4,000 and finances the rest of the cost with a 10-year loan. The loan interest rate is j12 = 3.6% and the monthly loan payments are $250 for the first five years, and $500 thereafter. What is Ted's equity position (that is, how much of the car does he "own") at the end of 7 years?