A mortgage, where the monthly payments are the same for the duration of the loan, is an example of a(n):
A) variable payment loan.
B) installment loan.
C) fixed payment loan.
D) equity security.

Question

Quizplus · Accepted Answer

A mortgage with the same monthly payments throughout the loan term is called a fixed payment loan. The other options, variable payment loan and installment loan, involve payments that may vary over time. Equity security is not related to loans or mortgages.

A Mortgage, Where the Monthly Payments Are the Same for the Duration