A loan is a: liability for the borrower and an asset for the lender. Option C
This is further explained below.
Generally, In the world of finance, the act of one or more people, organizations, or other entities lending money to other individuals, organizations, or other entities is known as a loan.
When someone receives a loan, they are often responsible for repaying not just the initial amount borrowed but also the interest accrued on the loan up to the point at which the loan is paid off.
A liability is the future economic advantages that an entity is obligated to give up to other entities as a consequence of previous transactions or other past occurrences.
In conclusion, This obligation places the business in a position where it must give up those economic gains in the future.
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