Chapter 8 Loans 75 Name Yever Ramirez-Mesia 7th block Section 8.3 High-Interest Loans Patsy needs a $1,200 loan. She is considering either a title loan on her car or a pawnshop loan on her diamond bracelet. A. A local finance company offers a $1,200 loan on her car, which is worth $4,750. The fee is 23.0% of the loan amount for a 30-day term. How much will Patsy have to pay after 30 days? B. A pawnshop offers a $1,200 loan on her bracelet, which is worth $5,900. The term is 30 days, and the interest charge is 1.65% plus a 24% fee for storage and handling. How much will Patsy have to pay after 30 days? C. Why might Patsy prefer the title loan over the pawnshop loan? D. Why might Patsy prefer the pawnshop over the title loan?

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Chapter 8 Loans
75
Name
• Yeser Ramirez-Mesia
7th block
dent Loans
Section 8.3 High-Interest Loans
Patsy needs a $1,200 loan. She is considering either a title loan on her car or a pawnshop loan on her
diamond bracelet.
A. A local finance company offers a $1,200 loan on her car, which is worth $4,750. The fee is 23.0% of
the loan amount for a 30-day term. How much will Patsy have to pay after 30 days?
B. A pawnshop offers a $1,200 loan on her bracelet, which is worth $5,900. The term is 30 days, and
the interest charge is 1.65% plus a 24% fee for storage and handling. How much will Patsy have to
pay after 30 days?
C. Why might Patsy prefer the title loan over the pawnshop loan?
D. Why might Patsy prefer the pawnshop over the title loan?
Transcribed Image Text:Chapter 8 Loans 75 Name • Yeser Ramirez-Mesia 7th block dent Loans Section 8.3 High-Interest Loans Patsy needs a $1,200 loan. She is considering either a title loan on her car or a pawnshop loan on her diamond bracelet. A. A local finance company offers a $1,200 loan on her car, which is worth $4,750. The fee is 23.0% of the loan amount for a 30-day term. How much will Patsy have to pay after 30 days? B. A pawnshop offers a $1,200 loan on her bracelet, which is worth $5,900. The term is 30 days, and the interest charge is 1.65% plus a 24% fee for storage and handling. How much will Patsy have to pay after 30 days? C. Why might Patsy prefer the title loan over the pawnshop loan? D. Why might Patsy prefer the pawnshop over the title loan?
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