Economics because it has to deal with money, which is important for a career in business.
The document the borrower must receive at least three days before the signing appointment is: Closing Disclosure.
Closing disclosure is a loan document that contains all the information about the what loan entails.
This closing disclosure tend to contain the following:
- The loan terms
- Transaction details
- Closing information
- Projected payments
- Closing costs
- Summary of loan transaction etc
Closing disclosure document must be received by the borrower at least three days before the borrower sign the appointment so as to give the borrower time to go through the document or to review the documents and have good understanding of the loan terms and condition before signed the appointment.
Inconclusion the document the borrower must receive at least three days before the signing appointment is: Closing Disclosure.
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The mortgage is a liability.
A mortgage is an agreement between you and a lender that gives the lender the proper to take your house if you fail to pay off the money you've borrowed plus interest. loan loans are used to buy a home or to borrow money in opposition to the price of a domestic you already personal. Seven things to search for in a mortgage.
An instance of a mortgage is the loan you took out when you bought your property. To mortgage is whilst you take a loan and use your home as collateral. An example of a mortgage is when you visit a financial institution and borrow money in opposition to your home.
The mortgage existence cycle starts whilst a man or woman makes a decision to purchase a residence and techniques a financial group for the loan. It continues until the borrower repays the final charge to the loan issuer.
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Answer:
effective interest rate = 4.75 %
Explanation:
given data
principal = $108,000
time = 8 months = 
year
rate = 10%
solution
we get here first interest that is
interest = principal × rate × time .................1
put here value
interest = $108,000 × 10% ×
interest = $7200
so here effective interest rate will be here as
effective interest rate = 
× time ...........2
put here value
effective interest rate = 
×
effective interest rate = 0.04761
effective interest rate = 4.75 %
