Bert and Gert recently purchased a new home. The interest rate on the mortgage is 3.25 for a term of 30 years and the loan is self amortizing. What type of mortgage does the couple most likely have?
A. Graduated payment mortgage
B. Fixed rate mortgage
C. Balloon mortgage
D. Adjustable rate mortgage
Question 2
Fred is renting an apartment and signs a one year lease. What type of leasehold does Fred most likely have?
A. Periodic tenancy
B. Tenancy at will
C. Tenancy by sufferance
D. Tenancy for years
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