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WAEC Economics 2017 Question 37

Question 37

Financial Institutions

A financial institution that specializes in giving loans using real assets as collateral security is a

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

Answer: D (mortgage bank.)

Explanation

Mortgage banks lend against land and buildings.