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A letter of credit is: A. a credit guarantee issued by an FI's customer to pay a predetermined amount of money to the FI at

A letter of credit is:

A. a credit guarantee issued by an FI's customer to pay a predetermined amount of money to the FI at a future point in time.

B. an on-balance-sheet transaction for the issuing FI.

C. a credit guarantee issued by an FI on which payment is contingent on some future event occurring.

D. None of the listed options are correct.

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