is a common type of debt instrument used for house loan and is considered as very secure. a. None of the options b. Unsecured loan c. Term loan d. Mortgage loan
is a common type of debt instrument used for house loan and is considered as very secure. a. None of the options b. Unsecured loan c. Term loan d. Mortgage loan
Chapter7: Credit Cards And Consumer Loans
Section7.5: Calculating Interest On Consumer Loans
Problem 3CC
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Question
7.____________ is a common type of debt instrument used for house loan and is considered as very secure.
a.
None of the options
b.
Unsecured loan
c.
Term loan
d.
Mortgage loan
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