Definition: The word 'mortgage 1.5 million' refers to a mortgage that has an interest rate of 1.5% per year. It is typically used in finance to describe a loan with a fixed-interest rate, such as a home loan or credit card, for which the borrower pays a monthly payment. A mortgage is a financial obligation by the borrower to pay back a sum of money over time based on an agreed upon interest rate and repayment period. The interest rate may be set at 0% (zero percent) or at a variable rate based on the value of the loan and other factors such as credit score, income, and risk. The monthly payment for a mortgage is calculated by multiplying the total amount of the loan by the interest rate per month. This calculation can vary depending on several factors, including the length of the repayment period and any applicable fees or penalties. It's important to note that while 1.5 million may seem like a large sum of money, it's also typically a low-interest rate compared to other types of loans, such as personal loans or car loans, which typically have variable interest rates based on creditworthiness and other factors.
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