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6. If one of the terms of an ARM read, interest is capped at 1%/2%/6%, what would that mean? (A) The borrower can choose the

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6. If one of the terms of an ARM read, interest is capped at 1%/2%/6%, what would that mean? (A) The borrower can choose the cap he wants by simply circling the appropriate choice (B) The interest rate has a 1% maximum initial rate change and a 2% subsequent maximum rate change with a maximum interest rate of 6% (C) The interest rate has a 1% maximum initial rate change and a 2% subsequent maximum rate change and a 6% floor rate (D) The interest rate has a 2% subsequent maximum rate change after the initial rate change and a 5% lifetime cap rate 6. If one of the terms of an ARM read, interest is capped at 1%/2%/6%, what would that mean? (A) The borrower can choose the cap he wants by simply circling the appropriate choice (B) The interest rate has a 1% maximum initial rate change and a 2% subsequent maximum rate change with a maximum interest rate of 6% (C) The interest rate has a 1% maximum initial rate change and a 2% subsequent maximum rate change and a 6% floor rate (D) The interest rate has a 2% subsequent maximum rate change after the initial rate change and a 5% lifetime cap rate

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