The Terms of Credit include :

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The interest rate

Collateral

Both 1 and 2

None of these

answer is C.

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Detailed Solution

The terms of credit include the interest rate and collateral. If the person who borrowed the money does not repay the loan, then the lender has the authority to sell the asset or collateral to recover his/ her payment. Land titles, bank deposits, and house and vehicle documents are common collateral for borrowing. Credit terms vary greatly from one credit arrangement to the next. They may differ depending on the lender and the borrower.

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