The policy of the Kauderman's pawnshop is to lend up to 30% of the value of borrower's collateral. Tommy wants to use a pair of $500 Jeans and $1,000 sunglasses as collateral for a loan. What is the maximum amount that he could borrow from Kauderman?
1 answer:
Answer:
30/100×$1500 = $450
Step-by-step explanation:
Tommy needs total capital of $1500 and he wants to lend 30% of loan from kaunderman, which is calculated as above.
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