What is the term for a formal borrowing arrangement that includes collateral in which a borrower agrees to make blended payments of principal and interest to the lender on a periodic basis until the debt has been paid?

Question

Quizplus · Accepted Answer

The term for a formal borrowing arrangement that includes collateral and requires blended payments of principal and interest on a periodic basis is a mortgage. A bond is a long-term debt instrument that is generally issued by corporations, governments, or other entities to raise capital. A debenture is a type of bond that is not secured by collateral. A note payable is a written promise to pay a specific amount of money by a certain date.

What Is the Term for a Formal Borrowing Arrangement That