Roundwell Motors purchases a manufacturing plant for $15 million, pays $5 million in cash as down payment, and borrows the remaining $10 million from Home Providence Bank
To secure the loan, Roundwell gives the plant as collateral to Home Providence Bank. What kind of collateral arrangement is in place between Roundwell Motors and Home Providence Bank?
A) a mortgage
B) a garnishment
C) a land sales contract
D) an accommodation
A
Business
You might also like to view...
What does an advanced planning system do and what are the functions of the major components?
What will be an ideal response?
Business
In content management, once a taxonomy is developed, documents must then be ________ with the proper classification
A) tagged B) linked C) tupled D) referenced E) documented
Business