53. James is looking to purchase a single-family home. He needs to obtain a loan in order to complete the purchase but lacks good credit. Why may James opt for an installment sales contract with the seller rather than obtain a traditional mortgage from a lender? O An installment sales contract can be obtained from more lenders compared to a typical mortgage. • An installment sales contract will typically included a lower interest rate. O An installment sales contract is interest-free for the first 12 months. O An installment sales contract is a form a seller financing that offers much more flexibility compared to a typical mortgage.

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
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53. James is looking to purchase a single-family
home. He needs to obtain a loan in order to
complete the purchase but lacks good credit.
Why may James opt for an installment sales
contract with the seller rather than obtain a
traditional mortgage from a lender?
O An installment sales contract can be obtained
from more lenders compared to a typical
mortgage.
•
An installment sales contract will typically
included a lower interest rate.
O An installment sales contract is interest-free
for the first 12 months.
O An installment sales contract is a form a seller
financing that offers much more flexibility
compared to a typical mortgage.
Transcribed Image Text:53. James is looking to purchase a single-family home. He needs to obtain a loan in order to complete the purchase but lacks good credit. Why may James opt for an installment sales contract with the seller rather than obtain a traditional mortgage from a lender? O An installment sales contract can be obtained from more lenders compared to a typical mortgage. • An installment sales contract will typically included a lower interest rate. O An installment sales contract is interest-free for the first 12 months. O An installment sales contract is a form a seller financing that offers much more flexibility compared to a typical mortgage.
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