Finance
What does 'amortization' mean in the context of an Ohio mortgage?
AThe process of increasing the interest rate over time
BThe gradual repayment of a loan through scheduled principal and interest payments✓ Correct
CThe lender's process of foreclosing on a defaulted loan
DThe calculation of property tax based on the loan balance
Explanation
Amortization is the process of paying off a loan balance over time through regular installment payments that include both principal reduction and interest.
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