Definition: The word "b" in the phrase "on a mortgage" refers to the amount or percentage that the lender agrees to make as the principal balance on the loan. For example: - "I am going to take out a $20,000 mortgage for my house," means that the person is borrowing $20,000 from their bank as the principal balance of the loan. This amount represents the total amount borrowed by the borrower at the start of the loan. - "I will pay off my $15,000 mortgage with a $3,000 deposit," means that the person is borrowing another $3,000 from their bank as the principal balance of the loan. This amount represents the total amount borrowed by the borrower after paying off the existing $15,000 principal. - "I will pay off my $20,000 mortgage with a $2,000 deposit," means that the person is borrowing another $2,000 from their bank as the principal balance of the loan. This amount represents the total amount borrowed by the borrower after paying off the existing $15,000 principal. - "I am going to take out a $40,000 mortgage for my house," means that the person is borrowing $40,000 from their bank as the principal balance of the loan. This amount represents the total amount borrowed by the borrower at the start of the loan. In each case, the "b" stands for the percentage of the principal balance that the lender agrees to make as the principal balance on the loan. The term is used in mortgage calculations and can also be used interchangeably with other terms like "the rate," which refers to the interest rate charged by a bank or lender. The word "b" is similar to the term "balance" (which refers to the total amount of money borrowed or lent) but it has a different meaning, as "b" is often used in mortgage calculations.
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