Finance
In Florida, a 'balloon mortgage' is characterized by:
APayments that increase over time until the loan is paid
BA large lump-sum payment due at the end of the loan term✓ Correct
CNo interest charged during the first five years
DEqual monthly payments throughout the entire loan term
Explanation
A balloon mortgage features regular (often interest-only or partially amortizing) payments for a set period, followed by one large lump-sum (balloon) payment of the remaining balance at the end of the term.
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