JAMB - Commerce (2015 - No. 38)
A type of long-term loan granted to companies with fixed interest rate as well as with redeemable and irredeemable features is referred to as projects.
debenture
a bond
a term loan
an overdraft
Explanation
It is a debenture that is grow under a seal by company in acknowledgement of a debit undertaking to repay the stated amount or sum on or before a certain date and to pay a fixed rate of interest. There are redeemable and irredeemable debenture
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