What is the formula used to determine the amount repayable to the lender under the Cash Back Option if the borrower decides to refinance their mortgage during the term? Select one: a. (Number of full or partial months remaining in the term / Original Mortgage amount) x (Cashback % / Number of months in the term) b. ((Cashback % x Original Mortgage amount x Number of full or partial months remaining in the term) / Number of months in the term) c. (Original Mortgage amount/Cashback % x Number of full or partial months remaining in the term)/ Number of months in the term d. (Number of full or partial months remaining in the term x Number of months in the term) / (Cashback % x Original Mortgage amount) Which of the following statements is true regarding the disclosure of information to borrowers? Select one: a. Disclosure can be provided in writing or verbally. b. Disclosure must always be provided along with the borrrower's application. c. Disclosure can be based on an assumption or estimate, as long as the borrower is told that it is an assumption or estimate. d. Disclosure must always be provided at least two business days before the borrower makes any payment.
What is the formula used to determine the amount repayable to the lender under the Cash Back Option if the borrower decides to refinance their mortgage during the term? Select one: a. (Number of full or partial months remaining in the term / Original Mortgage amount) x (Cashback % / Number of months in the term) b. ((Cashback % x Original Mortgage amount x Number of full or partial months remaining in the term) / Number of months in the term) c. (Original Mortgage amount/Cashback % x Number of full or partial months remaining in the term)/ Number of months in the term d. (Number of full or partial months remaining in the term x Number of months in the term) / (Cashback % x Original Mortgage amount) Which of the following statements is true regarding the disclosure of information to borrowers? Select one: a. Disclosure can be provided in writing or verbally. b. Disclosure must always be provided along with the borrrower's application. c. Disclosure can be based on an assumption or estimate, as long as the borrower is told that it is an assumption or estimate. d. Disclosure must always be provided at least two business days before the borrower makes any payment.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:What is the formula used to determine the amount repayable to the lender under
the Cash Back Option if the borrower decides to refinance their mortgage during
the term?
Select one:
a. (Number of full or partial months remaining in the term / Original Mortgage
amount) x (Cashback % / Number of months in the term)
b. ((Cashback % x Original Mortgage amount x Number of full or partial
months remaining in the term) / Number of months in the term)
c. (Original Mortgage amount/Cashback % x Number of full or partial months
remaining in the term)/ Number of months in the term
d. (Number of full or partial months remaining in the term x Number of
months in the term) / (Cashback % x Original Mortgage amount)
Transcribed Image Text:Which of the following statements is true regarding the disclosure of information to
borrowers?
Select one:
a. Disclosure can be provided in writing or verbally.
b. Disclosure must always be provided along with the borrrower's application.
c. Disclosure can be based on an assumption or estimate, as long as the
borrower is told that it is an assumption or estimate.
d. Disclosure must always be provided at least two business days before the
borrower makes any payment.
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