Final answer:
Sherman has $15,000 in equity in his home.
Step-by-step explanation:
To calculate Sherman's equity in his home, we need to subtract the amount he owes on his home loan from the current market value of his home. Sherman owes $225,000 and his home is worth $240,000. Therefore, his equity can be calculated as $240,000 - $225,000 = $15,000.