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sp2606 [1]
3 years ago
12

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 a

s 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
Mathematics
2 answers:
Nonamiya [84]3 years ago
7 0

Answer:

7,176.00

Step-by-step explanation:

qwelly [4]3 years ago
3 0

Answer:

<em>Annie will be able to borrow</em><em> $ 7,716.00 </em>for the playground using her car a collateral (option b).


Explanation:


Interpretation of the problem:<em> to take out a loan to put a new playground in her yard for her kids, Annie offers her car which is worth $ 7,800 as collateral.</em> Since <em>the loan officer at the bank is permitted to loan Annie 92% of the value of her collateral</em>, in order to know <em>how much Annie will be able to borrow</em>, you must use<em> </em>percentage calculations.


Percent is a definition: percent is the ratio of an amount with respect to one hundreed. The mathematical expressions derived from that definition is:

  • Percent, % = (amount / base) × 100

In this case, the percent that <em>the officer is permitted to loan</em> is known, <em>92%</em>, the amount to <em>borrow</em> is unknown (x), and the base is the <em>value of her car </em>(<em>the collateral</em>), <em>$ 7,800</em>, which leads to the following equation:

  • 92 = (x / 7,800)×100

Now, you can solve for x:

  • x = 7,800 × 92/100 = 7,800 × 0.92 = 7,176.00

In conclusion, <em>Annie will be able to borrow $ 7,716.00 for the playground using her car as collateral</em>.

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