The policy of the broadway pawnshop is to lend up to 35% of the value of the borrowers collateral. John wants to use a $3000 ring in the $1200 necklace as collateral for a loan. what is the maximum amount that he could borrow from Broadway?

Question

Mathematics

Armando Sweeney

23 June, 08:27

The policy of the broadway pawnshop is to lend up to 35% of the value of the borrowers collateral. John wants to use a $3000 ring in the $1200 necklace as collateral for a loan. what is the maximum amount that he could borrow from Broadway?

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Gemma Weeks · Answer 1

Given that can borrow up t 35% of his collateral at the pawnshop and John wants to use $3000 ring as a collateral for $1200 necklace, then the amount that he could borrow will be:

35/100*3000

=$1050