Question

Kelly borrows $12,000 from Terry Oswald to pay for her mother's surgery. The debt-repayment period is 15 months, but Kelly manages to repay it in 11 months. Which of the following must be filed by Oswald after receiving the final installment of his money?
A) financing statementB) statement of collateral claimC) termination statementD) continuation statement

Answer 1

Answer:

termination statement.

Explanation:

Based on the information provided within the question it seems that the document that must be filled out by Oswald is a termination statement. This is a document that is filled out after the final installment of a loan is paid, and indicates that the loan has been fully repaid and that the individual is no longer in debt or liable. Which since Kelly repaid the full amount before the debt repayment date them she is no longer in debt or liable for the money that she borrowed.