question 7 of 10\nequity, by definition, is:\na. the sum of current value and amount owed.\nb. the…

question 7 of 10\nequity, by definition, is:\na. the sum of current value and amount owed.\nb. the difference between current value and amount owed.\nc. the quotient of current value and amount owed.\nd. the product of current value and amount owed.

question 7 of 10\nequity, by definition, is:\na. the sum of current value and amount owed.\nb. the difference between current value and amount owed.\nc. the quotient of current value and amount owed.\nd. the product of current value and amount owed.

Answer

Brief Explanations:

Equity is calculated as the current value of an asset minus the amount owed on it. For example, if a house is worth $300,000 and there is a mortgage of $100,000 on it, the equity in the house is $300,000 - $100,000 = $200,000. So it is the difference between current value and amount owed.

Answer:

B. the difference between current value and amount owed.