The Type of Mortgage That Will Most Likely Need to Be

question 98

Multiple Choice

The type of mortgage that will most likely need to be refinanced is the ____ mortgage.

• A)fixed-rate
• B)adjustable-rate
• C)balloon-payment
• D)graduated-payment
• E)growing-equity

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Definitions:

Job Evaluation System

A method used by organizations to assess the value of each job in relation to others within the company to determine appropriate compensation levels.

Point Method

A technique used in job evaluation that involves quantifying job elements to determine the value of a position within an organization.

Competency-Based Pay

A salary system that bases compensation on an employee's skills, abilities, and performance rather than job title or position alone.

Commission Pay

A form of compensation based on a percentage of sales or profits generated by an employee, commonly used in sales roles to motivate performance.