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Ronnie Needed an Expensive Piece of Equipment to Expand His

Question 20

Multiple Choice

Ronnie needed an expensive piece of equipment to expand his business.He borrowed the money from the bank and pledged the equipment as ___________.If Ronnie does not repay the loan, the bank can take his equipment.


A) a promissory note
B) collateral
C) asset in escrow
D) long-term debt

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