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What is the correct definition of collateral for potential cosigners?
The cosigner's current financial situation
The cosigner's credit history
The cosigner's financial assets, such as a house or car
The cosigner's past record of paying on time
Question 1 of 9
What is the correct definition of collateral for potential cosigners?
The cosigner's current financial situation
The cosigner's credit history
The cosigner's financial assets, such as a house or car
The cosigner's past record of paying on time
Answers
GPT-4o mini
The correct definition of collateral for potential cosigners is "the cosigner's financial assets, such as a house or car." Collateral refers to an asset that a borrower offers to a lender to secure a loan, which can be forfeited in the event of default.