Finance
What does 'amortization' mean in the context of a South Dakota real estate loan?
AThe process of appraising property value over time
BThe gradual repayment of a loan through scheduled principal and interest payments✓ Correct
CThe depreciation of a building for tax purposes
DThe process of recording a mortgage lien
Explanation
Amortization is the process of paying off a loan through regular scheduled payments that include both principal and interest, with each payment reducing the outstanding balance.
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