Question

1. a long - term loan extended to someone who buys property.

a) escrow
b) mortgage
c) interest accrued
d) balloon payment

Explanation:

To solve this, we analyze each option:

• Option A: Escrow is a financial arrangement where a third party holds funds, not a long - term loan for property.
• Option B: A mortgage is a long - term loan specifically given to individuals to purchase property.
• Option C: Interest accrued is the interest that has accumulated on a loan, not the loan itself.
• Option D: A balloon payment is a large payment due at the end of a loan term, not the loan for property purchase.

Answer:

B) mortgage