Question: What is the answer Saved Help Save Exit Sub Wrett purchases a new four-wheeler with a loan from his bank. The bank requires that he

What is the answer

Saved Help Save Exit Sub Wrett purchases a new four-wheeler with a loan from his bank. The bank requires that he use his car, which is paid off, as collateral for the loan he secured from the bank. The value of the 4-wheeler is $2500.00. The value of the car is $15,000.00. Wrett defaults on his loan for the 4-wheeler and thus is forced to sell his car to repay the loan. Which statement below is true regarding this secured transaction? :50:42 Multiple Choice O Since the value of the car far exceeds the value of the 4-wheeler, the bank must accept an alternate good closer to value of the 4-wheeler. O The bank will sell the car for the value of the loan of the 4-wheeler, not the actual fair market value of the car. O Wrett must hand over physical possession and title to the car. O Wrett must dispose of his car and apply the proceeds to the loan and if there is any surplus the money belongs to Wrett

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