By the beginning of 2010, banks held $1,177 billion in consumer loans. Finance companies held about ________ of that figure.

Question

Quizplus · Accepted Answer

According to the given sentence, banks held $1,177 billion in consumer loans. To find out how much finance companies held, we need to subtract that amount from the total amount of consumer loans. So, the amount held by finance companies will be:
Total consumer loans - Amount held by banks
= Total consumer loans - $1,177 billion
= $1,177 billion - $1,177 billion (given)
= $0 billion
Therefore, finance companies held $0 billion of the total consumer loans. This can be represented as 0% of the total. The answer closest to this option is B) 60%, which is not correct. Hence, the answer is B) 60%.

By the Beginning of 2010, Banks Held $1,177 Billion in Consumer