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Q.

Interest rate, collateral, documentation required, and the mode of repayment together are classified as ____.


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Detailed Solution

Interest rate, collateral, documentation required, and the mode of repayment together are classified as terms of credit.
Thus, terms of credit are the terms set by the banks that need to be fulfilled to get a loan from the bank.
1)      The interest rate is a rate that is set at the time of taking the loan or lending the loan.
2)      Collateral is an asset used as a security that guarantees that the borrower will repay the loan.
3)      The lender verifies the necessary documents before giving the loan.
4)      The mode of repayment is the duration in which the borrower will give the money back.
 
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Interest rate, collateral, documentation required, and the mode of repayment together are classified as ____.