Answer:
$16,000
Explanation:
Given:
Total loan amount sureties = $120,000
Maximum liabilities of Teller = $20,000
Maximum liabilities of Kerr = $40,000
Maximum liabilities of Ace = $60,000
Amount paid in full settlement = $48,000
Now,
the responsibility of Kerr sureties in the total amount of loan = [tex]\frac{\textup{Maximum liability}}{\textup{Total amount}}[/tex]
= [tex]\frac{\textup{40,000}}{\textup{120,000}}[/tex]
= [tex]\frac{\textup{1}}{\textup{3}}[/tex]
Therefore,
The amount collected from Kerr = [tex]\frac{\textup{1}}{\textup{3}}\times\$ 48,000[/tex]
or
The amount collected from Kerr = $16,000
