A bank offers three mortgages shown. Which mortgage(s) will have fixed payments for at least the first 6 years?
Fixed rate mortgage at 5% for 15 years
Adjustable rate mortgage at 3% for 15 years with terms 6/2 and a cap of 2/4
Balloon mortgage at 4% with terms 15/4
(2 points)
a
Fixed rate only
b
Fixed rate and balloon only
c
Fixed rate and adjustable rate only
d
Fixed rate, adjustable rate, and balloon
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Bugatti
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