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1 year ago

Rick, a builder, is using two properties as collateral for a loan. this is an example of a(n) ______ loan.

1 answer:

8 0

Two properties are being used as collateral security for a loan by builder Rick. An illustration of a blanket loan is this.

The term "collateral" describes something that is provided to a lender as a guarantee of repayment. Therefore, the loan agreement will ordinarily state that the collateral will be returned to the lender if the money owed is not paid if you take out a loan or mortgage to buy a car or a property.

Simply said, collateral is an item that a borrower offers as payment for loan approval, such as a car or house. Lenders may feel more secure knowing that their financial interest is protected by collateral in the event that the borrower is ultimately unable to pay back the loan in full.

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Nazerhy deposits $8,000 in a certificate of deposit. the annual interest rate is 6%, and the interest will be compounded quarter

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Nazerhy deposits $8,000 in a certificate of deposit. the annual interest rate is 6%, and the interest will be compounded quarterly. The certificate worth 10 years is $14,555.17.

<h3>What do you mean by deposit?</h3>

A deposit is the act of giving money (or money equivalents) to an organization, most frequently a bank or other financial institution.
The deposit is a credit for the party that made it (individually or as a group), and it can be refunded (withdrawn) in line with the conditions set forth at the time of deposit, transferred to another party, or applied to a future purchase.
The primary source of funding for banks typically deposits.

<h3>What is the interest rate?</h3>

The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate (called the principal sum).
The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.

Learn more about interest rate here:

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