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Question 6 3 pts A bank letter of credit, sometimes called a standby letter of credit, is a written promise by a bank that it

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Question 6 3 pts A bank letter of credit, sometimes called a standby letter of credit, is a written promise by a bank that it will make a payment on behalf of the customer. This is different than a line of credit, which is a akin to a credit card...a line of credit allows the company to borrow funds as needed to pay any bills. A LETTER of credit is specific to the party that the company might owe money to True False

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