if a person has a 20 - year variable interest - rate mortgage, the monthly mortgage payment is likely…

if a person has a 20 - year variable interest - rate mortgage, the monthly mortgage payment is likely to\nremain the same for the entire period of the loan.\nchange several times during the period of the loan.\nincrease 1% each year for the life of the loan.\ndecrease 1% each year for the life of the loan.

if a person has a 20 - year variable interest - rate mortgage, the monthly mortgage payment is likely to\nremain the same for the entire period of the loan.\nchange several times during the period of the loan.\nincrease 1% each year for the life of the loan.\ndecrease 1% each year for the life of the loan.

Answer

Brief Explanations:

A variable - interest rate mortgage has an interest rate that is not fixed. It is determined by an index and may change over time. So, the monthly payment which is based on the interest rate and principal will also change. It doesn't increase or decrease by a fixed 1% each year. Instead, it changes based on market - related factors that affect the interest rate index.

Answer:

change several times during the period of the loan.