Answered

Choose the correct term from each box to complete the statement about consumer loans.

A _______ would be appropriate to use for the construction of your new kitchen because you have an estimate of the cost, while a _______ would be best to use for any unplanned expenses that may come up during the remodeling process.



Answer :

GinnyAnswer

Final answer:

Consumer loans can be secured or unsecured, impacting the interest rates. Understanding the differences helps in making informed borrowing decisions.


Explanation:

Consumer loans can be categorized into types such as secured loans and unsecured loans. A secured loan is backed by collateral, such as a home or car, providing lower interest rates, while an unsecured loan doesn't require collateral but typically comes with higher interest rates due to the risk involved.


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