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3 years ago

Angie's car is valued at $22,000, and she owes $20,000 on it. What is her current equity?

Mathematics

2 answers:

amid [387]3 years ago

6 0

Answer: 2,000

Step-by-step explanation: 22,000 - 20,000 = 2,000

Angie’s current equity on her car is 2,000

vagabundo [1.1K]3 years ago

3 0

Answer:

$\$2,000$

Step-by-step explanation:

Equity is defined by difference between total value of the asset and total liabilities.

Value of Angie's car is $\$22,000$ and she owes $\$20,000$ which means:

Total value of asset (car) = $\$22,000$

Total liability = $\$22,000$

∴ Equity = $22000 - 20000 = 2000$

Hence Angie's current equity is $\$2,000$

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