Which of the following statements is true. i. the higher your interest rate, the higher your monthly mortgage payments. ii. the higher your down payment, the higher your monthly mortgage payments. iii. a 30 year mortgage fixed at 6% will have smaller payments that a 20 year mortgage fixed at 6%.

 The answer is (III) A 30 year mortgage fixed at 6% will have smaller payments that a 20 year mortgage fixed at 6%.

Step-by-step explanation:  We are given to select the correct statement from the given options.

If the interest rate is high, its not necessary that the monthly mortgage payments will also be high. So, option (I) is incorrect.

If the down payment is high, then the monthly mortgage payments will be low. so, option (II) is incorrect.

Option (III) is correct, because a long duration time will decrease the amount of monthly mortgage payment.

Thus, (III) is the correct option.

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