QUESTION IMAGE
Question
a monthly fixed rate mortgage payment
increases annually.
never changes.
decreases annually.
could change.
A fixed - rate mortgage has a constant interest rate throughout the loan term. This means that the monthly payment, which is calculated based on the fixed rate, the loan amount, and the loan term, will never change. The other options are incorrect because with a fixed - rate mortgage, the rate (and thus the monthly payment) does not increase or decrease annually, nor does it have the possibility of changing.
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never changes