quiz question 4 of 8 elliott renovates his home using a loan that requires him to sign over the title to his…

quiz question 4 of 8 elliott renovates his home using a loan that requires him to sign over the title to his car if he doesnt pay as promised. what type of loan does elliott have? select a response. education loan interest - free loan secured loan unsecured loan

quiz question 4 of 8 elliott renovates his home using a loan that requires him to sign over the title to his car if he doesnt pay as promised. what type of loan does elliott have? select a response. education loan interest - free loan secured loan unsecured loan

Answer

Brief Explanations:

A secured loan is backed by collateral. Here, the car title is collateral. If Elliott doesn't pay, the lender can take the car. Education loans are for educational - related expenses. Interest - free loans have no interest charges. Unsecured loans don't require collateral.

Answer:

C. Secured loan