Uncle Robert sells his house to his niece Judy. He accepts a small down payment and takes back the balance of $125,000 at 11% interest as a junior loan. Judy agrees to make payments of $1,400 per month, which includes taxes and insurance. From the monthly payments, Robert puts aside a portion for the taxes and insurance and makes the payment on the existing underlying loan on the property. What type of financing did Robert provide for Judy?

a. All-inclusive
b. Overriding
c. Wraparound
d. All of the above

Answer: d. All of the above