Select the term from the list provided that best matches each of the following definitions or descriptions. Put the number of the term in the answer column.
Definitions:
Collateralized Loan
A loan that is secured by collateral, assets that the lender can seize if the borrower fails to repay the loan.
Prepaid Interest
The amount of interest that is paid in advance of the period to which it relates, often associated with loans or mortgages.
Loan Payable
Loan Payable is the liability account in a company’s balance sheet representing the amount owed to lenders that must be paid back in the future.
Interest Income
Income earned from the lending of funds or through investment in interest-bearing financial instruments.
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