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92nd Engineer Battalion ENBN Board Practice Exam

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A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years, and a final payment of $24,095. This is what type of loan?
Correct Answer:
Balloon mortgage
Explanation:
A balloon mortgage is a loan where the payments do not fully amortize the balance, leaving a large final 'balloon' payment at the end of the term.

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