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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?

User Nbojja
by
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1 Answer

6 votes

Answer:$8,683.13

Step-by-step explanation:

82.5% of $10,525.00

User Clandestine
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8.3k points
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