Janelle has a 30-year mortgage, but instead of making monthly payments, she is making rising payments every two years. As a result, she will end up repaying her loan in less than 30 years. Janelle’s loan is an example of a(n) A : growing equity mortgage. B : reverse annuity mortgage. C : adjustable rate mortgage. D : graduated payment mortgage
Janelle has a 30-year mortgage, but instead of making monthly payments, she is making rising payments every two years. As a result, she will end up repaying her loan in less than 30 years. Janelle’s loan is an example of a(n) A : growing equity mortgage. B : reverse annuity mortgage. C : adjustable rate mortgage. D : graduated payment mortgage
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Janelle has a 30-year mortgage, but instead of making monthly payments, she is making rising payments every two years. As a result, she will end up repaying her loan in less than 30 years. Janelle’s loan is an example of a(n)
-
A : growing equity mortgage.
-
B : reverse
annuity mortgage. -
C : adjustable rate mortgage.
-
D : graduated payment mortgage.
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