You have taken out a $350,000, 3/1 ARM. The initial rate of 6.0% (annual) is locked in for three years. Determine the owner's equity in the property after three years if the market value of the property at the end of year 3 is $400,000. The interest rate after the initial lock period is 6.5%. (Note: The term on this 3/1 ARM is 30 years.)