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Q.

Terms of ____ include interest rate, collateral, documentation, and mode of repayment.


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Detailed Solution

Terms of credit include interest rate, collateral, documentation, and mode of repayment.
In essence, terms of credit are requirements imposed by banks that must be met to obtain a loan from the bank.  1)      The interest rate is determined by the bank based on the amount of the loan and the credit score of the borrower.
2)      Collateral is an asset used as security for loans.
3)      Before approving a loan, the lender verifies the documentation.
4)      The method of repayment includes the instalment amount and the time duration.
 
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