Finance
In West Virginia, a mortgage that adjusts its interest rate periodically based on a financial index is called a(n):
AFixed-rate mortgage
BAdjustable-rate mortgage (ARM)✓ Correct
CBalloon mortgage
DGraduated payment mortgage
Explanation
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically (e.g., annually) based on a specified index, such as the SOFR or the 1-year Treasury bill rate.
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