Mr Ojo borrowed N54,000 from a Commercial bank and deposited his life assurance certificate with...
COMMERCE
WAEC 1995
Mr Ojo borrowed N54,000 from a Commercial bank and deposited his life assurance certificate with the bank. The certificate deposited serves as?
- A. a loan repayment
- B. a current asset
- C. an interest charged
- D. a collateral society
Correct Answer: D. a collateral society
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