Based on the current price of the house and the mortgage left, the equity on their home is $117,933.12.
Equity on the home
This can be found by the formula:
= Market value or appraised value of house - Mortgage on house
Solving gives:
= 156,600 - 38,666.88
= $117,933.12
In conclusion, the equity is $117,933.12.
Find out more on home equity at https://brainly.com/question/7785559.
