Finance
A mortgage with a fixed interest rate and fixed monthly payments over 30 years is known as a:
AAdjustable-rate mortgage (ARM)
BFixed-rate fully amortizing mortgage✓ Correct
CBalloon mortgage
DInterest-only mortgage
Explanation
A fixed-rate fully amortizing mortgage has a constant interest rate and equal monthly payments over the loan term, with the loan fully paid at the end. It is the most common mortgage type for home purchases.
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