Clara has just purchased her first home. Her gross income is $6,000 a month and her GDS ratio is 30%. Non-mortgage costs per month are $600. Clara's mortgage has a 3%, compounded semi-annually rate, with an amortization period of 25 years and monthly payments. If her home is valued at $350,000, which describes the type of mortgage has she?

I. Fixed-rate II. Variable-rate III. High-ratio IV. Conventional