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11. Are the initial rates lower on a fixed-rate loan or a variable-rate loan? Why? 12. Credit contracts often include the acceleration clause, the deficiency

11. Are the initial rates lower on a fixed-rate loan or a variable-rate loan? Why?

12. Credit contracts often include the acceleration clause, the deficiency payments clause, and the recourse clause to give the lender options for collecting the debt. Explain each clause. What is the purpose of the insurance agreement clause?

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