Question
The final payment owed on a loan in an amount larger than the other payments and which is called-for to be paid at a specific
The final payment owed on a loan in an amount larger than the other payments and which is called-for to be paid at a specific time in the loan (at the end), is:
Question 11 options:
| is not permitted within the first five years of a loan |
| called a 'balloon payment' and is frequently used in land contracts |
| unlawful, if the loan documents call for equal amortization over the course of the loan |
| lawful, unless the loan documents call for equal amortization over the course of the loan |
| is called a 'balloon payment', but can only be used in mortgages and NOT land contracts |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started