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33 votes
33 votes
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?

User Histelheim
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1 Answer

7 votes
7 votes

Answer:

c took me a wiel but then realized it was just butterfly method to solve.

Explanation:

User Shadoath
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