Finance
In South Dakota, a 'balloon mortgage' requires the borrower to:
AMake increasing payments each year until payoff
BPay the full remaining balance in a lump sum at the end of a set term✓ Correct
CMake interest-only payments for the first 10 years
DIncrease their down payment every 5 years
Explanation
A balloon mortgage has smaller regular payments followed by a large lump-sum payment (the 'balloon') due at the end of the term. The borrower must pay off or refinance the remaining balance at that point.
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