Question

If the loan amount is $130.00, the percent stock requirement is 0.02, and the credit fee is $18.76, what is the total amount of money the borrower needs to secure?

a) $148.76
b) $129.22
c) $148.00
d) $130.36

Answer 1

The total amount of money the borrower needs to secure is $130.36.

Step-by-step explanation:

To calculate the total amount of money the borrower needs to secure, we need to add the loan amount, the percent stock requirement, and the credit fee together.

Loan amount: $130.00

Percent stock requirement: 0.02

Credit fee: $18.76

Total amount: $130.00 + ($130.00 * 0.02) + $18.76 = $130.00 + $2.60 + $18.76 = $151.36

Therefore, the correct option is d) $130.36.