From the words lettered A to D, choose the word that best completes each of the following sentences. I had to put up my house as _______ for bank loan,
Question 1 Report
From the words lettered A to D, choose the word that best completes each of the following sentences.
I had to put up my house as _______ for bank loan,
Answer Details
The word that best completes the sentence is "collateral."
Collateral refers to something valuable that is pledged as security for a loan. In this case, the speaker had to put up their house as collateral to obtain a bank loan. This means that if they fail to repay the loan, the bank can seize the house to recover their money.
Pledge means to make a solemn promise or undertaking to do something.
Agreement refers to a mutual understanding or arrangement between two or more parties.
Surety refers to a person who takes responsibility for another's performance or debt.
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