Answer:
$50,000
Step-by-step explanation:
Here, we are interested in calculating Fiona’s current equity in her home.
The term equity in this case simply refer to how much is own in the present value of the house by the owner who took the mortgage.
To calculate this, we start by subtracting how much is left of the mortgage from the present house value.
How much left of the mortgage is $110,000 while the current house value is $160,000
Thus the current equity is 160,000 - 110,000 = $50,000
