An adjustable rate mortgage is quoted as a 3.6%, 5/1 ARM with a 30 day rate lock. Further details indicate the loan would have adjustment "caps of 3/1/5". Which of the following statements is true? Ch5 a. After 3 years, the rate is only locked for 30 day periods b. This loan is describing a negative amortization structure c. This is a variable rate loan that can adjust to no more than 6.6% at the end of year 5. d. The mortgage rate is adjustable every 3 years with a floor of 1% and ceiling of 5%