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Q.

Choose the given statement is true or false:

Terms of credit include rate of interest, collateral, and duration of loan.

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a

True

b

False

answer is A.

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Detailed Solution

The given statement is true.
Credit terms include interest rate, loan amount, repayment duration, and collateral security. Collateral is the security a borrower has to offer to take a loan. This is used as a guarantee for the loan. If the creditor cannot repay the loan due to unforeseen consequences, the lender can use that collateral security to secure his amount by selling it. The interest rate is the amount the lender charges to provide credit to the borrower. The duration of the loan and the repayment amount is also mentioned in terms of credit.

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