Finance
In South Carolina, which type of mortgage requires a balloon payment at the end of the loan term?
AFully amortizing fixed-rate mortgage
BBalloon mortgage✓ Correct
CReverse mortgage
DFHA mortgage
Explanation
A balloon mortgage has lower periodic payments for a set period, after which the entire remaining balance is due in a lump sum (balloon payment). The loan is not fully amortized during the regular payment period.
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