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WAEC Commerce 1992 Question 77

Question 77

Banking

An advance that is specially given for housing or building projects is called

  1. A.a loan
  2. B.an overdraft
  3. C.a debenture
  4. D.a collateral
  5. E.a mortgage
Show the answer and explanation

Answer: E (a mortgage)

Explanation

A mortgage is a long-term loan for buying or building property, secured on that property.