When Sam Applied for a Loan, He Was Assured That

question 4

Multiple Choice

When Sam applied for a loan, he was assured that his rate would not change if he closed within 30 to 90 days. Sam had a(n) ______ on the interest rate.

• A) amortization
• B) escrow account
• C) lock
• D) PMI
• E) points

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Definitions:

Enzymes

Substances of biological origin that greatly enhance the speed of most chemical interactions happening in cellular environments.

Enzymatically Catalyzed

A process facilitated by enzymes to speed up chemical reactions in biological systems.

Inversely Proportional

A relationship between two variables where as one variable increases, the other decreases at a consistent rate, and vice versa.

Enzyme Concentration

The amount of enzyme present in a solution, which affects the rate of enzyme-catalyzed reactions.