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19 November, 10:36

Annie would like to take out a loan to put a new playground in her yard for her kids. She offers her car which is worth $7,800 as collateral. The loan officer at the bank is permitted to loan Annie 92% of the value of her collateral. How much will Annie be able to borrow for the playground using her car as collateral?

a.

$7,708.00

b.

$7,176.00

c.

$7,800.00

d.

$8,478.26

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  1. 19 November, 11:25
    0
    Well u know 92% as a decimal is 0.92 so you 0.92*7,800 which equals 7,176.00
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