Select the various terms of credit:

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Cheque book

Collateral

Mode of payment

Both (2) and (3)

answer is D.

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Detailed Solution

Various terms of credit are collateral and mode of payment.
Credit is defined as an agreement where the lender gives money or goods to the borrower with a condition to be repaid in the future. The terms of credit between a borrower and a lender list several things like the rate of interest, amount of payment, and collateral. Collateral is security that a borrower has to keep as a mortgage against his loan. This can be any property like land, machinery, furniture, jewellery etc. The value of terms of credit is different for different loans. They vary from agreement to agreement. The lender and the borrower also have a conversation regarding the mode of payment.

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