16. To encourage borrowers to accept adjustable rate mortgages (ARMs) rather than level-payment mortgages, mortgage originators generally offer an initial short-term introductory rate that is less than the prevailing market mortgage rate. This rate is referred to as a(n)
17. When fully amortizing loans call for equal periodic payments over the life of the loan they are known as
18. When lenders charge discount points (prepaid interest) on a loan, what impact does this have on the loans yield?
19. While a variety of loan terms are available in a lenders mortgage menu, the most common loan term on a level-payment mortgage is
20. With the recent popularity of adjustable-rate mortgages (ARM), lenders have begun to offer ARMs with different adjustment periods. Which of the following ARM choices will most likely have the highest initial rate?
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