The Two Most Common Types of Two-Step Mortgages Are the

question 109

Multiple Choice

The two most common types of two-step mortgages are the

• A)1/29 and 3/27.
• B)5/25 and 7/23.
• C)8/22 and 12/18.
• D)13/17 and 15/15.

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Definitions:

Equivalent Payment

A payment amount that equates the present value of two or more different payments.

Annum

A term denoting a year or a yearly period, often used in financial contexts to refer to annual amounts or periods.

Simple Interest

Interest calculated only on the principal amount, not on the interest that has been added over time.

Repay

The act of paying back money that was borrowed from a person or institution.