A borrower takes out a loan that allows the monthly principal payments to be increased without penalty. This, the loan will be paid off more quickly. This loan would be considered a:
A. Budget loan.
B. Buydown.
C. Growing-equity mortgage.
D. Reverse-annuity mortgage.
Answer: C. Growing-equity mortgage.
You might also like to view...
Which of the following describes a currency basket in monetary transaction?
A. an exchange rate system wherein a currency's value is allowed to fluctuate according to the foreign exchange market B. a contractual provision that says that the price will be adjusted according to the inflation rate C. a selected group of currencies whose weighted average is used to define the amount of an obligation D. a scheme for fixing the exchange rate of a currency by matching its value to the value of another single currency
Many users choose a password that is too short or too easy to guess
Indicate whether the statement is true or false.