R wanted to buy Q's home, but being new on the job could not qualify. Q agreed that with $15,000 down, Q would carry a loan for the remainder of the purchase price, amortized over 30 years at 8% interest. This is a(n):
a) Double contract, and illegal
(b) Wraparound loan
(c) Purchase money mortgage
(d) Discounted loan or note
Answer: (c) Purchase money mortgage
Business
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Indicate whether the statement is true or false
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If a person declares personal bankruptcy for the second time, they are usually automatically discharged from all their debts within
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