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Mr Ojo borrowed N54,000 from a Commercial bank and deposited his life assurance certificate with…

Mr Ojo borrowed N54,000 from a Commercial bank and deposited his life assurance certificate with the bank. The certificate deposited serves as?
  • A.
    a loan repayment
  • B.
    a current asset
  • C.
    an interest charged
  • D.
    a collateral society
  • E.
    a part of payment
Correct Answer: Option D
Explanation