If Rebecca's mutual fund has a sales charge schedule saying that if the fund is sold within the first year, the sales charge is 6 percent and if it is sold in the third year, the sales charge becomes 4.5 percent, Rebecca's mutual fund has a

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The mutual fund with the sales charge schedule described in the question has a deferred sales charge, also known as a back-end load. This means that investors will pay a fee if they sell the fund within a certain period of time, typically a few years after purchasing the shares. In this case, the sales charge decreases as the holding period gets longer, which is typical of a deferred sales charge structure. This is different from a front-end load, where investors pay a fee at the time of purchase, or a no-load fund, which does not charge any sales fees.

If Rebecca's Mutual Fund Has a Sales Charge Schedule Saying