A Note Which Requires Payments of Accrued Interest Plus Equal

question 61

True/False

A note which requires payments of accrued interest plus equal amounts of principal will have cash flows of equal amounts over the life of the note.

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Definitions:

Tax Refund

A reimbursement to a taxpayer of any excess amount paid to the government over the tax liability.

Garnish

To legally seize funds directly from a debtor’s paycheck or bank account to pay off a debt.

Federal Benefits

Financial or non-monetary assistance provided by the government to eligible individuals, families, or organizations.

Lien

A legal right or interest that a creditor has in the debtor's property, serving as security for the debt or charge.