Jin buys a used car from klee. jin knows that loan company has a security interest in the car but is not aware that klee has missed several payments on the loan. loan repossesses the car. The correct option is (b) neither klee nor loan.
A loan is a type of debt that a person or other entity incurs. The lender advances the borrower a certain amount of money, typically on behalf of a business, financial institution, or government. The borrower accepts a specific set of terms in return, which may include any financial costs, interest, a repayment schedule, and other requirements.
An amount of money that a person or business borrows from a lender is known as a loan. It can be divided into three basic groups: conventional, open-end and closed-end loans, and unsecured and secured loans.
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