raul needed an expensive piece of equipment to expand his business. he borrowed the money from the bank and pledged the equipment as . if raul does not repay the loan, the bank can take his equipment. a. long-term debt b. a depreciable asset c. collateral d. a promissory note

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21-10-2022
Business

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raul needed an expensive piece of equipment to expand his business. he borrowed the money from the bank and pledged the equipment as . if raul does not repay the loan, the bank can take his equipment. a. long-term debt b. a depreciable asset c. collateral d. a promissory note

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contexto1019 contexto1019 · Answer 1 · 2022-10-28T17:04:29+02:00

Raúl needed an expensive piece of equipment to expand his business. he borrowed the money from the bank and pledged the equipment as c. collateral. if Raúl does not repay the loan, the bank can take his equipment.

Collateral is any asset or property that a bank accepts as security for extending credit. In order to reassure the lender that they would be able to repay the loan, the borrower gives collateral. The bank or lender may confiscate the asset pledged as collateral if the borrower is unable to repay the debt. To recoup some or all of his losses, the lender will sell it.

The pricey machinery in Raul's case serves as collateral. If he doesn't repay the loan, the bank will sell the machinery to recoup its funds. Financial assets, such as savings accounts or investment portfolio accounts, can be used as collateral instead of tangible assets.

To know more about Collateral, refer:

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