Finance
What is a 'balloon mortgage' as it might apply to a North Dakota agricultural property loan?
AA loan with payments that increase over time
BA loan with regular payments but a large final payment due at term end✓ Correct
CA loan with no interest for the first years
DA loan secured by personal property rather than real property
Explanation
A balloon mortgage has regular periodic payments (often interest-only or amortized over a longer period) but requires a large lump-sum payment (the 'balloon') at the end of a shorter loan term.
Related North Dakota Finance Questions
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