Which of the Following Is Accurate Regarding Types of Mortgages

question 55

Multiple Choice

Which of the following is accurate regarding types of mortgages?

• A)A convertible VRM gives you protection in case interest rates go up.
• B)Open mortgages offer slightly better rates than closed mortgages.
• C)Most fixed-rate mortgages are convertible.
• D)With a variable-rate mortgage your payments will go up if prime goes up.

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Definitions:

Particular Crop

A specific type of crop grown for agricultural production, often defined by its use or species.

Price Ceiling

A legally imposed limit on the price charged for a product, intended to prevent prices from reaching levels deemed too high.

Price Support Program

Government initiatives intended to maintain the market price of a good or service above its equilibrium level by buying excess supply or restricting supply.

Government

The system or group of people governing an organized community, often a state.