Hello to all readers! I offer you a brief corporate lesson that will introduce you to some of the most commonly used terms when obtaining a bank loan. And is it possible for a person to save money by obtaining a loan from the bank – it turns out that this is sometimes possible!!! Here's how it works!!!
A businessman walked into a bank in San Francisco and asked for the loan officer. He told the officer that he is going to Europe on business for two weeks and needed to borrow $5,000. The bank officer explained that the bank needed some kind of security for such a loan. So the businessman handed over the keys to a Rolls Royce parked on the street in front of the bank. Everything checked out, and the bank agreed to accept the car as collateral for the loan. A bank employee drove the Rolls into the bank's underground garage and parked it there.
Two weeks later, the businessman returned, repaid the $5,000 with the interest, which came to $15.41. The loan officer said, 'We are very happy that you have settled your business matters, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out and found that you are a multimillionaire. What puzzles us is why would you bother to borrow $5,000?' The businessman replied, 'Where else in San Francisco can I park my car for two weeks for only 15 dollars?'
LOAN
[loun]
I. 1. loan
SECURITY
[si'kjuəriti]
4. guarantee, pledge
COLLATERAL
[ka'laetaral]
2. comm., law. additional guarantee
EMPLOYEE
[,emplɔi'i:]
n employee, official
INTEREST
['intrist]
7. interest, interest rate
PUZZLED
['pʌzld]
a confused, bewildered
TRANSACTION
[trænz'ækʃn]
1. deal, transaction
TO CHECK OUT
['tfekaut]
3. verify, investigate
HAND OVER
[hænd'ouvə]
hand over