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There are two statements given below marked as Assertion (A) and Reason (R). Read the statements and choose the correct option.
Assertion (A): Terms of credit vary substantially from one credit arrangement to another.
Reason (R): Terms of credit vary depending on the nature of lender and the borrower.
Assertion (A): Terms of credit vary substantially from one credit arrangement to another.
Reason (R): Terms of credit vary depending on the nature of lender and the borrower.
- a)Both A and R are True and R is the correct explanation of A.
- b)Both A and R are True but R is not the correct explanatory of A.
- c)A is true and R is False
- d)A is False and R is True
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
There are two statements given below marked as Assertion (A) and Reaso...
Assertion (A): Terms of credit vary substantially from one credit arrangement to another.
Reason (R): Terms of credit vary depending on the nature of lender and the borrower.
The correct answer is option A, which states that both Assertion (A) and Reason (R) are true and R is the correct explanation of A.
Explanation:
Terms of credit: Terms of credit refer to the conditions and agreements that are agreed upon between the lender (creditor) and the borrower. These terms include the interest rate, repayment period, collateral requirements, penalties for late payment, etc.
Variation in credit arrangements: Credit arrangements can vary significantly depending on various factors such as the type of lender, the creditworthiness of the borrower, and the purpose of the credit. For example:
1. Type of lender: Different types of lenders, such as banks, credit unions, microfinance institutions, and private lenders, may have different terms of credit. Banks, being regulated financial institutions, often have stricter terms compared to private lenders.
2. Creditworthiness of the borrower: The terms of credit can also vary depending on the creditworthiness of the borrower. A borrower with a good credit history and high credit score may be offered more favorable terms compared to a borrower with a poor credit history.
3. Purpose of credit: The purpose for which the credit is being sought can also influence the terms. For example, a business loan may have different terms compared to a personal loan. The lender may consider factors such as the potential profitability of the business or the stability of income in the case of a personal loan.
Explanation of Assertion (A) and Reason (R):
Assertion (A) states that terms of credit vary substantially from one credit arrangement to another, which is true based on the reasons mentioned above. The terms of credit can differ based on the type of lender, the creditworthiness of the borrower, and the purpose of the credit.
Reason (R) states that terms of credit vary depending on the nature of lender and the borrower, which is also true. The nature of the lender, whether it is a bank, credit union, or private lender, can impact the terms of credit. Similarly, the creditworthiness of the borrower, including factors such as credit history and credit score, can also influence the terms.
Therefore, both Assertion (A) and Reason (R) are true, and Reason (R) correctly explains Assertion (A).
Reason (R): Terms of credit vary depending on the nature of lender and the borrower.
The correct answer is option A, which states that both Assertion (A) and Reason (R) are true and R is the correct explanation of A.
Explanation:
Terms of credit: Terms of credit refer to the conditions and agreements that are agreed upon between the lender (creditor) and the borrower. These terms include the interest rate, repayment period, collateral requirements, penalties for late payment, etc.
Variation in credit arrangements: Credit arrangements can vary significantly depending on various factors such as the type of lender, the creditworthiness of the borrower, and the purpose of the credit. For example:
1. Type of lender: Different types of lenders, such as banks, credit unions, microfinance institutions, and private lenders, may have different terms of credit. Banks, being regulated financial institutions, often have stricter terms compared to private lenders.
2. Creditworthiness of the borrower: The terms of credit can also vary depending on the creditworthiness of the borrower. A borrower with a good credit history and high credit score may be offered more favorable terms compared to a borrower with a poor credit history.
3. Purpose of credit: The purpose for which the credit is being sought can also influence the terms. For example, a business loan may have different terms compared to a personal loan. The lender may consider factors such as the potential profitability of the business or the stability of income in the case of a personal loan.
Explanation of Assertion (A) and Reason (R):
Assertion (A) states that terms of credit vary substantially from one credit arrangement to another, which is true based on the reasons mentioned above. The terms of credit can differ based on the type of lender, the creditworthiness of the borrower, and the purpose of the credit.
Reason (R) states that terms of credit vary depending on the nature of lender and the borrower, which is also true. The nature of the lender, whether it is a bank, credit union, or private lender, can impact the terms of credit. Similarly, the creditworthiness of the borrower, including factors such as credit history and credit score, can also influence the terms.
Therefore, both Assertion (A) and Reason (R) are true, and Reason (R) correctly explains Assertion (A).
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There are two statements given below marked as Assertion (A) and Reaso...
Both A and R are true and R is the correct explanations of A.
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There are two statements given below marked as Assertion (A) and Reason (R). Read the statements and choose the correct option.Assertion (A): Terms of credit vary substantially from one credit arrangement to another.Reason (R): Terms of credit vary depending on the nature of lender and the borrower.a)Both A and R are True and R is the correct explanation of A.b)Both A and R are True but R is not the correct explanatory of A.c)A is true and R is Falsed)A is False and R is TrueCorrect answer is option 'A'. Can you explain this answer?
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