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4. A borrower takes out a 30-year mortgage loan (with monthly payments)for $400,000 with an interest rate of 6%The lender requires 4.0 points to be paid at the time the loan is originated. What is the effective interest rate on the loan if the loan is repaid after 4 years? Please input your answer as a percentage(13.50%would be input as 13.50)

Please match the loan balance at maturity with the associated type of constant payment mortgage. Fully amortizing [Choose ] Partially amortizing [Choose ] Interest only [Choose ] Negative amortizing [Choose ] Greater than amount borrowed Not fully repaid Fully repaid Equal to the amount borrowed Please select the term from the dropdown box that matches the definition provided. [Choose ] A loan with a junior lien that is sometimes used to bridge the gap between the price of the property and the sum of the first mortgage and funds from the purchaser. [Choose ] The legal document where one party pledges real property to another party as security for an obligation owed to that party. The legal document that serves as evidence that [Choose ] debt exists between a borrower and lender. Failure to fulfill a contract [Choose ] agreement, or duty, Coffee especially a financial obligation such as a note. Second Mortgage Default Foreclosure Mortgage Document Promissory Note Question 7 Bankruptcy First Mortgage > 4 pts Please select the term from the dropdown box that matches the definition provided. The process in which a [Choose ] buyer has assurance that title is good and marketable. A deed that conveys property without seller warranties. Sometimes referred to as an "as is" deed. The type of title insurance that insures the interest of the mortgagee. The type of lien that gives unpaid contractors, workers, and material suppliers a lien against real property. Title assurance Quitclaim deed Mechanics' liens Owner's title insurance policy Lender's title insurance policy Junior mortgage lien Bargain and sale deed [Choose] [Choose ] >