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WAEC Commerce 2024 Question 21

Question 21

Banking

A financial institution established to raise funds for people who wish to build homes is a

  1. A.central bank.
  2. B.commercial bank.
  3. C.development bank.
  4. D.mortgage bank.
Show the answer and explanation

Answer: D (mortgage bank.)

Explanation

Mortgage banks give long-term loans for buying or building houses.