b. What does credit mean? What are the terms of credit?
Answers
Answer:
Credit means a loan, an agreement in which the lender (creditor) supplies the borrower with money, goods or services which is to be returned in future. Terms of credit apart from the rate of interest, collateral also includes documentation, mode of repayment.
Credit means a loan, an agreement in which the lender (creditor) supplies the borrower with money, goods or services which is to be returned in future. Terms of credit apart from the rate of interest, collateral also includes documentation, mode of repayment
Credit refers to an agreement in which lender supplies the borrowers with money goods and services in return for the promise of future payments. Terms of credit includes the following: i Interest rate ii Collateral iii Documentation requirement iv Mode of payment.