Finance
An adjustable-rate mortgage (ARM) in Kansas is characterized by:
AA fixed interest rate for the entire loan term
BAn interest rate that changes periodically based on a market index✓ Correct
CA rate set by the Kansas Banking Commission
DA balloon payment at the end of the term
Explanation
An ARM has an interest rate that adjusts periodically (e.g., annually) based on changes in a specified market index, such as SOFR or the 1-year Treasury.
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