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A loan that calls for periodic interest payments and a lump sum principal payment is referred to as a(n) ____ loan. Multiple Choice amortized balloon interest-only modified pure discount

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Answer: INTEREST-ONLY LOAN

Explanation:

An interest-only loan is a type of loan where the debtor pays only interest in the interim period but the pays the principal at a specified date in a lump sum.

This kind of loan can be structured in different ways per borrower but the above is the basic nature of such loans.

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