Most Financial Institutions Provide Home Equity Loans

question 117

Multiple Choice

Most financial institutions provide home equity loans

• A)up to 75 percent of the home value.
• B)up to 80 percent of the home value.
• C)up to 70 percent of the home value.
• D)up to 85 percent of the home value.

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Definitions:

Normal Balance

Represents the side (debit or credit) of an account that increases its value, based on the double-entry accounting system.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.

Cash Discount Period

A specific time frame during which a buyer can pay less than the full amount due by taking advantage of a discount offered.

Liability Account

A financial accounting term for amounts owed by a business to creditors or others, usually categorized as current or long-term.