Along with an accounts payable balance of $2,500 and bank loan of $13,000, Jamal has four assets in his business:

a car which was purchased for $18,000 and has an accumulated depreciation balance of $4,500

a truck which was purchased for $23,000 and has an accumulated depreciation balance of $6,000

accounts receivable balance of $3,000

cash balance of $6,700

Jamals equity is $________________.

(Please explain the answer)