84
QuizMultiple Select

Cumulative Exam — Cumulative exam

Question 84 • Personal Finance - EL3403

What must people taking out a mortgage agree to? Check all that apply.a loan amountplans for repairsan interest raterenovation ideaspayment terms

Answer
A
a loan amount
B
plans for repairs
C
an interest rate
D
renovation ideas
E
payment terms

Explanation

A mortgage agreement sets how much money the lender will provide, the interest rate charged on that loan, and the terms for repaying it. Plans for repairs and renovation ideas are not standard terms borrowers must agree to when taking out a mortgage.

AI-written and checked against the verified answer.

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