Question

Correct the following statement and rewrite

Interest rate, collateral and documentation requirement, and the mode of repayment together comprise what is called the collateral assest.​

Answer 1

Answer:

The term collateral refers to an asset that a lender accepts as security for a loan. ... That is, if the borrower defaults on their loan payments, the lender can seize the collateral and sell it to recoup some or all of its losses

Answer 2

Answer:

Terms of credit includes: Interest rates, Collateral (security),Documentation related to lending money and The mode of repayment.

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