Question
Which of the following may fall under the category of collateral?(1 point)
Responses
a previous loan that was repaid in full
a previous loan that was repaid in full
a high salary
a high salary
an antique vase valued at $125,000
an antique vase valued at $125,000
a credit card balance of $12,000
Responses
a previous loan that was repaid in full
a previous loan that was repaid in full
a high salary
a high salary
an antique vase valued at $125,000
an antique vase valued at $125,000
a credit card balance of $12,000
Answers
GPT-4o mini
In the context of collateral, the item that may fall under this category is:
**an antique vase valued at $125,000**
Collateral refers to an asset that a borrower offers to a lender to secure a loan, which the lender can seize if the borrower defaults on the loan. In contrast, a previous loan that has been repaid, a high salary, and a credit card balance do not serve as collateral.
**an antique vase valued at $125,000**
Collateral refers to an asset that a borrower offers to a lender to secure a loan, which the lender can seize if the borrower defaults on the loan. In contrast, a previous loan that has been repaid, a high salary, and a credit card balance do not serve as collateral.