Question

17. Identify the incorrect option from the given statement:
a. Collateral is an asset that the lender owns and uses this as a guarantee to a lender
until the loan is repaid.
b. Property such as land titles, deposits with banks, livestock are collateral used for
borrowing
c. Interest rate, collateral and documentation requirement, and the mode of repay
together comprise what is called the terms of credit.
d. If the borrower fails to repay the loan, the lender has the right to sell the asset
collateral to obtain payment.​

Answer 1

Answer:

Interest rate, collateral and documentation requirement, and the mode of repay

together comprise what is called the terms of credit.

Explanation:

hope it helps you

Answer 2

Answer:

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