When fully amortizing loans call for equal periodic payments over the life of the loan they are known as:
A) level-payment mortgages
B) adjustable-rate mortgages
C) interest-only mortgages
D) early-payment mortgages

Question

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Level-payment mortgages require equal periodic payments over the life of the loan, with a portion of each payment going towards both principal and interest, resulting in full amortization at the end of the loan term.

When Fully Amortizing Loans Call for Equal Periodic Payments Over