Trevor goes to Fairmont Ford, a local car dealership, and purchases a new truck on credit for his business. He signs an agreement with Fairmont Ford under which the truck is the collateral for Fairmont Ford$$s loan to him. Trevor then goes to First Interest Bank and signs an agreement for a loan so he can buy supplies for his business. Do one or both agreements involve a purchase$-$money security interest?

Multiple Choice

Yes; the agreement with Fairmont Ford is a purchase$-$money security interest.

Yes; the agreement with First Bank is a purchase$-$money security interest.

Both agreements involve purchase$-$money security interests.

Neither agreement involves a purchase$-$money security interest.

Yes; the agreement with Fairmont Ford is a primary purchase$-$money security interest, and the agreement with First Bank is a secondary purchase$-$money security interest.