CW Beauregard Is an Atlantic Salmon Farmer

C.W. Beauregard is an Atlantic salmon farmer. He produces and sells salmon to satisfy the growing demand for fish. He has arranged a business loan with terms that guarantee that he can borrow up to $12,000 whenever he needs it within the next year. He must pay interest only on the unpaid loan balance. Beauregard has arranged which type of credit?

A) credit-line loan
B) line of credit
C) single-payment note
D) collateralized loan

Correct Answer:

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