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4 August, 06:02

larry got a loan from a bank with his car as a collateral. what kind of a loan has the bank issued Larry? what will happen if he doesn't repay the loan on time? explain the reasons for your answer.

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  1. 4 August, 08:00
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    Answer: for Plato

    The bank issues a secured loan to Larry based on collateral. If Larry doesn't repay the loan on time, the bank can take his car.
  2. 4 August, 08:40
    0
    A title loan, because he is using his car as collateral it would be a title loan. If he doesn't pay it back they can take his car. But they might use a "roll over" meaning make a new loan and add fees and interest on to it.
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