Ronny took out a 7-year mortgage. For 7 years, he paid the lender monthly payments of $950. Then, after 7 years, his last payment comes due at $55,000. What kind of mortgage did Ronny most likely have? a partially amortized loan a wraparound loan an FHA lean a reverse mortgage

Ronny took out a 7-year mortgage. For 7 years, he paid the lender monthly payments of $950. Then, after 7 years, his last payment comes due at $55,000. What kind of mortgage did Ronny most likely have? a partially amortized loan a wraparound loan an FHA lean a reverse mortgage

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Ronny took out a 7-year mortgage. For 7 years,
he paid the
lender monthly payments of $950. Then, after 7
years, his last
payment comes due at $55,000. What kind of
mortgage did
Ronny most likely have?
a partially amortized loan
a wraparound loan
an FHA lean
a reverse mortgage

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