TIME REMAINING 54:32
Tom would like to take out a secured loan to help pay for a vacation this summer. He has offered his car as collateral.
His car is worth $3,500. His bank can offer loans for 80% of collateral value. The vacation he has planned will cost
$4,750. Approximately how much additional collateral will Tom need to offer in order to borrow enough to go on his
vacation as planned?
$1,000.00
b. $1,362.50
c. $2,437.50
d. $2,800.00
a.
Please select the best answer from the choices provided
A
B.
ОООО
D