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Q.

[[1]] is an asset that the borrower owns and uses as a guarantee until the loan is repaid to the lender.

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Detailed Solution

Collateral is an asset that the borrower owns and uses as a guarantee until the loan is repaid to the lender.
The interest rate that the borrower must pay to the lender on top of the principal repayment is specified in each loan agreement. Lenders may require collateral (security) in exchange for loans. Until the loan is repaid, the borrower keeps the collateral as a guarantee to the lender. Land, structures, automobiles, pets, and bank accounts are a few examples. If the borrower fails on the loan, the lender has the right to sell the asset or collateral used as security. This kind of loan often has a lower interest rate because the bank might be able to retrieve the collateral if you default.

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[[1]] is an asset that the borrower owns and uses as a guarantee until the loan is repaid to the lender.