Question
Elizabeth wants to get a mortgage for her new vacation home. She pays $125,000 for the condo and has an 8% interest rate for a
Elizabeth wants to get a mortgage for her new vacation home. She pays $125,000 for the condo and has an 8% interest rate for a 10-year term. Under the terms of the mortgage, Elizabeth pays interest only until the final payment when the principal is paid off. What type of loan is this?
A straight term mortgage
A blanket mortgage
A wraparound mortgage
An adjustable mortgage
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Health Care Finance Basic Tools For Nonfinancial Managers
Authors: Judith J. Baker, R.W. Baker
3rd Edition
076377894X, 978-0763778941
