Q11. The bank retained the paper of the new car as collateral .Which of the
following statements about the collateral is correct -
Question carries 1 mark
(a) It is a kind of security that bank keep as guarantee.
(b) It is kind of a barter system.
(c) It is a medium of exchange.
(d) It is a kind of agreement between the lender and the borrower.
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A
Explanation:
A collateral loan is often called a secured loan. This means the loan is guaranteed by something you own, and if you can’t pay your loan back, the lender has the right to claim the collateral, whether it’s a car.
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