The ___________ clause gives the borrower the right (without obligation) to pay the loan off prior...
- The ___________ clause gives the borrower the right (without obligation) to pay the loan off prior to maturity.
- Subordination
- Exculpatory (Nonrecourse)
- Prepayment
- Release
Homework Answers
Option 'C' is correct
Prepayment
Prepayment clause is a loan-document provision that permits a borrower to satisfy a debt before it is due date. It is a clause in a bond or mortgage that gives the borrower the privilege of paying the mortgage indebtedness before it becomes due
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The ___________ clause gives the borrower the right
(without obligation) to pay the loan off prior...
The ___________ clause removes the borrower from the debt, giving the lender no recourse beyond taking...
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The ___________ clause allows the borrower to stop the acceleration of the loan under default, up...
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QUESTION 5 A prepayment penalty requires the borrower to pay the total amount of interest that...
QUESTION 5 A prepayment penalty requires the borrower to pay the total amount of interest that would be owed to the lender for the full term of the loan, even if the loan is paid off early, True False
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I am having trouble with transaction 5 in the 10th edition SUA
packet. I included the transaction description, flowchart, and the
promissory note.
I confused as to what I'm supposed to do. Do I put this in the
ledger or journal? If so which one; cash reciepts, sales journal
etc. Please help! I'm not an accounting major so things are a bit
confusing for me!
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QUESTION 5 A prepayment penalty requires the borrower to pay the total amount of interest that would be owed to the lender for the full term of the loan, even if the loan is paid off early, True False
I am having trouble with transaction 5 in the 10th edition SUA
packet. I included the transaction description, flowchart, and the
promissory note.
I confused as to what I'm supposed to do. Do I put this in the
ledger or journal? If so which one; cash reciepts, sales journal
etc. Please help! I'm not an accounting major so things are a bit
confusing for me!
Vendor address: 1285 Colgrove Ave., Pierre, SD 57501 Freight carrier: Interstate Motor Freight Freight charges:...
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