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Loans & Lending Practices MCQs

What does the term "Endowment" mean?

The percentage of gross monthly income that goes towards paying housing expenses

A fund that contains assets the use of which is restricted only to the income earned by these assets

The same as an escrow account

The process of applying for a mortgage

Answer

Correct Answer: A fund that contains assets the use of which is restricted only to the income earned by these assets

Explanation:

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