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alukav5142 [94]
4 years ago
7

Sam would like to use his extensive stamp collection as collateral for a secured loan. Sam has documentation that says his stamp

collection is worth $10,525.00. Sam's bank has a policy that permits loan officers to lend no more than 82.5% of the value of the collateral. What is the maximum loan amount Sam can get from his bank using his stamp collection as collateral?
Business
1 answer:
IRINA_888 [86]4 years ago
7 0

Answer:$8,683.13

Explanation:

82.5% of $10,525.00

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