Wilma is ecstatic about the purchase of her first house.She has taken out a 30-year mortgage at a 5.25 percent interest rate,and her mortgage broker has informed her that the interest rate will not change for the life of the loan.What type of loan did Wilma take out?
A) Fixed-rate loan
B) Variable-rate loan
C) Equity loan
D) Long loan
Correct Answer:
Verified
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