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1 2 3 4 5 6 7 8 9 10 since they filed bankruptcy in the past, a couple ends up paying a 12% fixed rate for a 30-year mortgage. with a better credit rating, they could have gotten the loan at a rate of 8%. if their loan amount is $140,000, how much more per month will the couple be paying for their mortgage as a result of their bankruptcy is $412.79.
What do you mean by bankruptcy?
- By selling assets to pay debts or by coming up with a repayment plan, bankruptcy enables those who are unable to pay their bills to start over.
- Businesses in financial distress are also protected by bankruptcy rules.
- The legislation and bankruptcy process are explained in this section.
what is a loan?
- A loan is the lending of money by one or more people, businesses, or other entities to other people, businesses, or other entities.
- The recipient, or borrower, incurs a debt and is often responsible for both the main amount borrowed as well as interest payments on the debt until it is repaid.
- The promissory note used to prove the obligation will typically include information like the principal amount borrowed, the interest rate the lender is charging, and the due date for repayment.
Learn more about bankruptcy here:
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