Which of the following is NOT true of a fixed payment loan?
A) The borrower is required to make regular periodic payments to the lender.
B) The payments made by the borrower include both interest and principal.
C) The borrower is left with a substantial unpaid principal at the maturity of the loan.
D) A home mortgage is an example of fixed payment loan.
C
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Homeowners
A. are subject to double taxation. B. benefit from several loopholes. C. have no particular advantages in the tax system. D. must pay tax on the “income” of living in a house.
When quantity supplied is greater than quantity demanded, there
A. is a shortage. B. is a surplus. C. may be either a shortage or a surplus. D. may be neither a shortage or a surplus.
Recessions begin at ________ and end at ________.
A. a peak; a trough B. the highest unemployment rate; the lowest unemployment rate C. a trough; a peak D. the lowest unemployment rate; the highest unemployment rate
The text suggests that if economists had a mantra, it would be:
A. justice is the measure of all things. B. trade is good. C. when one person benefits, another is hurt. D. do unto others before they do unto you.