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Bridget needed to buy a car, so she went to a car dealer (Reasonably Honest Bob's Used Cars), and signed a contract to buy a
Bridget needed to buy a car, so she went to a car dealer (Reasonably Honest Bob's Used Cars), and signed a contract to buy a 2005 Honda for $10,000 total price.She had saved up $2,000, which she used as a "down payment" on the car.Then she went to her bank, and asked for a loan for the $8,000 balance on the contract.The Bank has done lots of loans to Bridget over the years, and they only asked Bridget to sign a Promissory Note to promise repayment of their $8,000 loan.This is an example of:
a. A secured loan
b. An unsecured loan
c. A mortgage
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