Lucy Has Just Obtained a Five-Year Fixed-Rate Mortgage to Buy

question 43

Multiple Choice

Lucy has just obtained a five-year fixed-rate mortgage to buy her first home.The mortgage is amortized over 30 years.Which of the following statements is most correct?

• A)Lucy's payments won't change for the next 30 years.
• B)Lucy's payments won't change for the next 5 years.
• C)Lucy's payments will increase as the term of the mortgage increases.
• D)Lucy's payments will decrease as the term of the mortgage increases.

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