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Derek and Cheryl negotiate a mortgage with their bank's loan officer. They are making an equity investment of 4 5 % of the purchase price

Derek and Cheryl negotiate a mortgage with their bank's loan officer. They are making an equity investment of

45 %

of the purchase price and the terms of the contract allow them to transfer the mortgage to another house or to pay off the principal at any time without penalty. What type of mortgage do they have?

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