If She has a first mortgage of $160,000. Her current equity is $20,000.
Current Equity
Using this formula
Current equity=Current fair market-(First mortgage+ Second mortgage)
Let plug in the formula
Current Equity=$193,200-($160,000+$13,200)
Current Equity=$193,200-$173,200
Current equity=$20,000
Therefore If She has a first mortgage of $160,000. Her current equity is $20,000.
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