Stephen paid $20,000 for his car 3 years ago. He still has 24 monthly payments of $400 left to pay, and currently the balance on his auto loan is $9,000. He estimates the market value of his vehicle to be $13,000. What is his equity or ownership position in his car?
a. $4,000
b. $2,400
c. $8,000
d. $11,000
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