Riaz obtains a loan of $$100,000$ to purchase a house. The conditions of his loan state that he will repay the principal and interest through fixed installments.

Which of the following statements is true about Riaz's situation?

The interest rate applied to Riaz's loan will change periodically throughout the loan term.

Riaz's installment payments will change each month based on what he can afford.

Riaz's future earnings may not be used for collateral even if he defaults on the repayment of his loan.

The payment that Riaz owes will not change from one month to the next.