18.

Which one of the following is a fully secured liability in a Chapter 7 bankruptcy?

Select one:

a. A $150,000 loan secured by equipment with a book value of $200,000 and a fair value of $165,000.

b. $100,000 in customer deposits.

c. $250,000 in administrative costs owed to the trustee.

d. A $200,000 loan secured by equipment with a book value of $225,000 and a fair value of $175,000.