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Business vocabulary exercise: mortgages and loans

Business English vocabulary exercise, intermediate level.

This exercise gives you practice using words related to mortgages and loans.

Instructions: 1. Study the vocabulary, including ‘how to use’ and the example sentences.

2. Do the exercise below and check your answers.

noun an agreement which allows you to borrow money from a bank in order to buy a house or apartment
how to use countable noun: a mortgage of $80,000, a fifteen-year mortgage; pay off a mortgage
examples 1.  My mortgage is with a small bank.

2. We have a twenty-year mortgage.    

noun the money which you get from a bank monthly or yearly (as a percentage) of the money in your account; the money charged by a bank to people who have borrowed money from them
how to use uncountable noun: high interest, low interest, 4% interest,
pay interest on a loan
examples 1.  The

bank offers 2% interest on all current accounts.

2.We have a small mortgage, but the interest is very high.

verb to buy or arrange insurance, to get a loan or mortgage
how to use take out insurance, take out a loan, a mortgage
past simple: took past participle: taken
examples 1. I didn’t have enough money to buy a new car so I had to take out a loan from the bank.

2.We took out a twenty-year mortgage on the house.
noun money that you borrow, especially from a bank
how to use a $20,000 loan; take out a loan; pay off a loan
examples 1.The company needs a $5m loan to build a new factory.

2. I took out a loan with 5% interest.

Now try the exercise. Choose the best answer to fill the gap in each of the following:

Category: Hypothec

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