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?
a.
$8,683.13
b.
$9,700.00
c.
$10,525.00
d.
$12,382.35