Fixed-Rate Loans Have Interest Rates That Are Fixed for Each

question 52

True/False

Fixed-rate loans have interest rates that are fixed for each year but adjust at the end of each year in response to prevailing interest rates.

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Definitions:

National Recovery Agency

Likely refers to the National Recovery Administration (NRA), a prime New Deal agency established by U.S. President Franklin D. Roosevelt in 1933 to stimulate economic recovery during the Great Depression.

Agricultural Adjustment Agency

A New Deal agency in the United States created in 1933 to boost agricultural prices by reducing surpluses, paying farmers to cut crop production and kill off excess livestock.

Interstate Commerce Clause

The Interstate Commerce Clause refers to a provision in the U.S. Constitution that grants Congress the power to regulate commerce among the states, playing a crucial role in the expansion of federal regulatory powers.

14th Amendment

An amendment to the US Constitution, ratified in 1868, that granted citizenship to all persons born or naturalized in the United States, including former slaves, and guaranteed all citizens "equal protection of the laws."