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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