Finance
An Arizona 'graduated payment mortgage' (GPM) features:
APayments that decrease over time
BPayments that increase gradually over the early years and then level off✓ Correct
CA balloon payment at the end of the term
DAn adjustable interest rate
Explanation
A graduated payment mortgage (GPM) starts with lower initial payments that increase gradually (usually for the first 5-10 years) and then level off. It helps buyers with currently lower income qualify, assuming future income growth.
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