Answer:
The amount of equity Oanh have in her house is $300,000.
Explanation:
Equity can be described as the difference between the amount that is owed on a mortgage and the current worth of the home.
For this question, the amount of equity Oanh have in her house can be calculated as follows:
Loan amount = $160,000
Part of the loan paid = $60,000
Current worth of the house = $400,000
Amount owed = Loan amount - Part of the loan paid = $160,000 - $60,000 = $100,000
Equity = Current worth of the house - Amount owed = $400,000 - $100,000 = $300,000
Therefore, the amount of equity Oanh have in her house is $300,000.
