Finance
Amortization of a Vermont mortgage refers to:
AThe process of increasing the loan balance over time
BThe gradual repayment of principal and interest through scheduled payments✓ Correct
CThe interest rate adjustment for ARMs
DThe lender's appraisal review process
Explanation
Amortization is the scheduled reduction of the mortgage balance through regular principal and interest payments over the loan term, so that the loan is fully paid off by the maturity date.
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