LOAN $1$ LOAN $2$ LOAN $3$ LOAN $4$

Initial Interest Rate $????$

Loan Maturity $($years$)20202020$

$\%$ Margin Above Index $3\%3\%3\%$

Adjustment Interval $1$ year $1$ year $1$ year

Points $1\%1\%1\%1\%$

Interest Rate Cap NONE $1\%/$year $3\%/$year Which loan in the above table should have the lowest initial interest rate?