CBSE BOARD X, asked by xoxox34, 6 months ago

explain the terms of credit with examples.
CLASS 10 ECONOMICS.

PLEASE ANSWER THE QUESTION

Answers

Answered by sudinishreyanreddy

Explanation:

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.

Answered by anchal1217

Answer:

Collateral (Security) : An asset that the borrower owns ( such as land , building , vehicle , livestock's deposits with banks ) and users this as a guarantee to a leader until the loan is repaid .

Interest rate : Formal sector demands less rate of interest compared to informal sector. At present, they demand 8 to 12% interest rate.

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explain the terms of credit with examples. CLASS 10 ECONOMICS. PLEASE ANSWER THE QUESTION ​

Answers

Collateral (Security) : An asset that the borrower owns ( such as land , building , vehicle , livestock's deposits with banks ) and users this as a guarantee to a leader until the loan is repaid .

Interest rate : Formal sector demands less rate of interest compared to informal sector. At present, they demand 8 to 12% interest rate.

explain the terms of credit with examples.
CLASS 10 ECONOMICS.

PLEASE ANSWER THE QUESTION