18
QuizMultiple Choice

Spending

Question 18 • Personal Finance - SC 26-27 (For Credit)

A monthly fixed rate mortgage payment

Answer
A
could change.
B
never changes.
C
increases annually.
D
decreases annually.

Explanation

With a fixed-rate mortgage, the interest rate and scheduled principal-and-interest payment stay the same for the life of the loan. So the best choice is “never changes.” The total bill a borrower pays could vary if property taxes or insurance included in escrow change, but that does not change the fixed mortgage payment itself.

AI-written and checked against the verified answer.

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