quiz\nquestion 4 of 8\nelliott renovates his home using a loan that requires him to sign over the title to…

quiz\nquestion 4 of 8\nelliott 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?\nselect a response\neducation loan\ninterest - free loan\nsecured loan\nunsecured loan

quiz\nquestion 4 of 8\nelliott 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?\nselect a response\neducation loan\ninterest - free loan\nsecured loan\nunsecured loan

Answer

Brief Explanations:

A secured loan is one where the borrower pledges an asset (collateral) to the lender. In this case, Elliott's car title is the collateral. If he fails to pay as promised, the lender can take ownership of the car. Education loans are for educational - related expenses, interest - free loans have no interest charges, and unsecured loans do not require collateral.

Answer:

C. Secured loan