Finance
A 5/1 ARM in Idaho means the loan has:
A5% down payment requirement and 1 year term
BA fixed rate for 5 years, then adjusts annually for the remaining term✓ Correct
C5 annual payments followed by a balloon
D5 possible rate adjustments over 1 year
Explanation
A 5/1 ARM has a fixed interest rate for the first 5 years, then adjusts annually (every 1 year) for the remaining loan term, based on a specified index plus a margin.
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