A wealthy but thrifty man is applying for a loan at a bank. The man says that he would like to take out a $1,000 loan, and that to save paperwork he would like to just leave his BMW with the bank as collateral. The loan officer thinks that it is odd that such a wealthy man would take out such a small loan, but sees no reason to reject the loan.
A month later the man returns, pays off the loan in full (plus a month's interest), and is returned his car. Why did he take out this loan?
AnswerThe man, who is quite thrifty (and clever) was going on a month-long trip overseas and didn't want to pay a parking fee for that time. He got the bank to hold his car for the entire month for about $6 (assuming 7% interest).
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