Question
An example of an unsecured debt is a(n) _____.
(1 point)
Responses
student loan
student loan
auto loan
auto loan
mortgage
mortgage
mobile home loan
(1 point)
Responses
student loan
student loan
auto loan
auto loan
mortgage
mortgage
mobile home loan
Answers
GPT-4o mini
An example of an unsecured debt is a(n) **student loan**.
Unsecured debts are loans that are not backed by an asset, meaning that they do not require collateral. Student loans typically fall into this category. In contrast, auto loans, mortgages, and mobile home loans are secured debts, as they are backed by the asset being financed (the vehicle or home).
Unsecured debts are loans that are not backed by an asset, meaning that they do not require collateral. Student loans typically fall into this category. In contrast, auto loans, mortgages, and mobile home loans are secured debts, as they are backed by the asset being financed (the vehicle or home).