Multiple Choice
Community Trust Bank provides Devlin with a mortgage to buy a home. The rate of interest is fixed for seven years. At the end of that period, a large payment for the entire balance of the mortgage loan is due. This is
A) a balloon mortgage.
B) an adjustable-rate mortgage.
C) an interest-only mortgage.
D) a violation of the law.
Correct Answer:
Verified
Correct Answer:
Verified
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