Bill's monthly mortgage payments were $1,300. However, Bill's final payment was $72,000. What type of mortgage did Bill have?

Straight term mortgage

Explanation:

A straight term mortgage is also referred to as straight term loan or interest-only mortgage requires that the borrower(the mortgagee) makes interest payments on the mortgage untill the principal of the mortgage becomes due.

In this stance,the mortage interest may only be required for just 12 months after which the borrower pays back the entire $72,000 in one fell swoop.

The final interest payment of $1,300 would be paid alongside the principal of $72,000 i.e $73,200 would be made as the  final payment

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