Rita has taken a loan of Rs. 7 lakhs from the bank to purchase a car. The annual interest rate on
the loan is 14.5 per cent and the loan is to be repaid in 3 years in monthly instalments.
The bank retained the papers of the new car as collateral, which will be returned to Rita
only when she repays the entire loan with interest
Analyse the loan information given above, considering one of the following correct option
a Mode of re-payment
b.Terms of credit
c. Interest on loan
d. Deposit criteria
Answers
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Answer:
B. Terms of credit is the perfect answer for this question .
Explanation:
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