Which of the following is FALSE regarding adjustable-rate mortgages (ARMs)? Many subprime ARMs are hybrids that start with a low "teaser" rate for 2-3 years, but afterward will reset every year according to a certain interest rate benchmark Many mortgage companies lure borrowers with the low "teaser" rate on the ARM to make the loan attractive, but in the long run these loans are harmful to the borrowers The interest rate in an ARM changes every year according to a certain index such as the prime rate The interest rate on ARM may reset at irregular intervals based on the lender's calculation of the funding cost of the loan