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Sita is working in a neighboring field with very less wages . Expenses on sudden illnesses or function of family are also met through loans. The landowner charges an interest rate of 10 % per month. At present she owes the landowner Rupees 5000.Analyses the credit arrangements given aboveRita has taken a loan of Rs. 7lakhs from the banks to purchase a car . The annual interest rate on the loan is 14.5 per cent and the loan is to be repaid in 3 years in monthly instalments . The bank retained the papers of the new car as collateral , which will be returned to rita only when she repays the entire loan with interest. Analyse the loan information given above ,Write correct option.a. Mode of re- paymentb. Terms of creditc. Interest on loand. Deposit criteria |
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Answer» Terms of CREDIT To get the car papers BACK which has been collateral she should agree with the terms of credit |
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