Given the following information on a 30-year fixed-payment fully amortizing loan, determine the owner’s equity in the property after seven years if the market value of the property is $240,000 at the end

Given the following information on a 30-year fixed-payment fully amortizing loan, determine the owner’s equity in the property after seven years if the market value of the property is $240,000 at the end of year 7: rate: 7%; monthly payment: $1,200.

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