The primary reason that individuals and firms choose to borrow long-term is to
A.
. reduce the risk that interest rates will fall before they pay off their debt.
B.
. reduce the risk that interest rates will rise before they pay off their debt.
C.
. reduce monthly interest payments, as interest rates tend to be higher on short-term than long-term debt instruments.
D.
. reduce total interest payments over the life of the debt.