Question

Leah deposited $50,000 in the bank. Three years later, she borrowed $40,000 for a new truck. From this description, which is the most accurate statement?

A. Leah is earning more interest than she is paying.
B. Leah did not have to provide collateral.
C. Leah is being charged too much interest.
D. Leah has the character to make payments on the loan.

Answer 1

b. leah did not have to provide collateral

Answer 2

As it is given in the question that leah has $50,000 in her bank account and after 3 year she borrowed forty thousand dollar from bank which mean that she didn't have to provide collateral to borrowed money from bank.

Step-by-step explanation:

As it is given in the question that leah has $50,000 in her bank account and after 3 year she borrowed forty thousand dollar from bank which mean that she didn't have to provide collateral to borrowed money from bank.

collateral is that assets that has been put on security to borrowed money from home. But in this case as leah has $50000 in her account for three year and then borrowed $40,000 this mean she didn't need to put any collateral.