Finance
What is the significance of the 'note rate' on a Mississippi mortgage?
AIt is the rate used to calculate the APR
BIt is the actual interest rate specified in the promissory note, used to calculate monthly payments✓ Correct
CIt is the rate at which the mortgage was originated
DIt represents the lender's profit margin
Explanation
The note rate is the interest rate stated in the promissory note that the borrower signs. It is used to calculate the periodic interest charges and monthly payment amounts over the life of the loan.
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