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    Question

    A 'Letter of Credit' (LC) is a payment mechanism used

    primarily in:┬а
    A Retail Banking Correct Answer Incorrect Answer
    B Personal Loans Correct Answer Incorrect Answer
    C International and Inland Trade Correct Answer Incorrect Answer
    D Mortgage Banking Correct Answer Incorrect Answer
    E Microfinance Correct Answer Incorrect Answer

    Solution

    An LC is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount.

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