Given the Following Information on a 30-Year Fixed-Payment Fully-Amortizing Loan

Multiple Choice

Given the following information on a 30-year fixed-payment fully-amortizing loan, determine the owner's equity in the property after 7 years if the market value of the property is $240,000 at the end of year 7. Interest Rate: 7%, Monthly Payment: $1,200.

A) $15,967.33
B) $59,630.92
C) $75,598.25
D) $164,401.75