Close Window Moving to another question will save this response. Question 9 of 25 Question 9 1 points Save Answ (TRUE or FALSE) Julio has a very successful limousine service in Staten Island. In fact even with ten (10) cars on the road, he still has to turn away calls for rides. So he approaches his bank for a $500,000 loan in order to buy ten (10) more cars. However, in order to initiate this secured loay the bank needs to lower the risk of being repaid, so Julio agrees to allow the bank place a legal lien on his garage building which is worth $1 million, so ifjulio does not repay the loan, then the bank will in fact legally own the garage. In banking terms this legal transaction is referred to as collateral? FALSE a. b. TRUE Question 9 of 25 Moving to another question will save this response. Close Window A 21