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Loans & Lending Practices MCQs

What is an interest only loan?

A loan on which interest accrues only in the second year

A loan on which the borrower has to pay back only the interest and not the principal

A loan on which the borrower has to pay only the interest for a specified time period, not reducing the principal at all

A type of mortgage

Answer

Correct Answer: A loan on which the borrower has to pay only the interest for a specified time period, not reducing the principal at all

Explanation:

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