Finance
A 'balloon payment' mortgage in North Carolina requires:
AMonthly payments that increase over time
BA large final lump-sum payment of the remaining balance at the end of the loan term✓ Correct
CNo principal payments during the loan term
DGovernment approval for each payment
Explanation
A balloon mortgage has relatively small periodic payments with a large lump-sum (balloon) payment due at the end of the loan term to pay off the remaining balance.
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