Janice wants to get a mortgage for her new vacation condo. She pays $56,000 for the condo and has a 7% interest rate for a 7-year term. Under the terms of the mortgage, Janice pays interest only until the final payment when the principal is paid off. What type of loan is this?
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Home » Business » Janice wants to get a mortgage for her new vacation condo. She pays $56,000 for the condo and has a 7% interest rate for a 7-year term. Under the terms of the mortgage, Janice pays interest only until the final payment when the principal is paid off.