Answer:
D. all residential mortgages for occupancy only.
Explanation:
- The act applies to the loan purchases, property investments and equity lines of credit. It proves brokers to give disclosure of borrowers regarding the real estate.
Answer:
Annual deposit= $12,473.70
Explanation:
Giving the following information:
Final value= $2,000,000
Number of years= 37
Interest rate= 7%
To calculate the annual deposit required to reach the final value. We need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= {2,000,000*0.07)/ [(1.07^37) - 1]
A= $12,473.70
Using a check register log
