Macig Enters into a Secured Consumer Debt Transaction with Friendly

question 17

True/False

Macig enters into a secured consumer debt transaction with Friendly Bank.When Macig pays the loan in full,Friendly Bank is required to file a statement indicating that it no longer claims a secured interest in the collateral.

---

Definitions:

RRSP

Registered Retirement Savings Plan, a retirement savings and investing vehicle for employees and the self-employed in Canada that provides tax benefits.

Contributions

Payments or investments made into a scheme, plan, or project by individuals or entities.

Compounded Monthly

A procedure where interest calculations are done monthly, taking into account not only the initial principal sum but also the interest accrued over prior periods.

Beginning of Each Month

The first day of each month in a calendar year.