WAEC Economics 2009 Question 37

Question 37

Financial Institutions

Which of the following is specialized in lending money for the purpose of developing real estate?

  1. A.Merchant banks
  2. B.Mortgage banks
  3. C.Discount houses
  4. D.Commercial banks.
Show the answer and explanation

Answer: B (Mortgage banks)

Explanation

Mortgage banks give long-term loans for buying and building houses.