A Fixed Interest Rate Means That the Rate Will Not

question 111

True/False

A fixed interest rate means that the rate will not change over the life of the loan.

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Definitions:

Oral Evidence

Testimony or statements spoken out loud in court as opposed to written evidence.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing to be enforceable.

United States Code

The comprehensive, codified collection of the permanent general and special laws of the United States federal government.

Suretyship Provision

A legal agreement in which a third party agrees to be responsible for the debt or obligation of another party if that party fails to perform or pay.