Gerald Cooksie owns a restaurant in Panama Beach, Florida.He has arranged a business loan with the bank where he has his business account.The terms of the loan allow him to borrow up to $13,500 within the next year if the bank has funds available to lend; he must pay interest only on the unpaid loan balance.Cooksie has arranged a:
A) collateralized loan
B) line of credit
C) secured loan
D) mortgage loan
E) credit-line loan
Correct Answer:
Verified
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