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Terms of Credit

Which of the ...

Question

Which of the following are included in terms of credit?

A

Principal amount

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B

Duration of loan

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C

Reserve amount

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D

Interest rate

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Solution

The correct option is D Interest rate
Terms of credit have elaborate details like the rate of interest, principal amount, collateral details, and duration of repayment. All these terms are fixed before the credit is given to a borrower.

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