Which of the following terms related to adjustable rate mortgages (ARMs) is defined incorrectly? The adjustment period refers to the frequency at which interest rate changes happen. The index refers to the security to which the ARM interest rate is tied. O A 7/1 hybrid ARM would have a fixed rate for 7 years, then the rate would adjust one time, and then the rate would remain fixed for the rest of the loan's term, O A 1%/5% cap and floor means the interest rate can change by no more than 1% from one period to the next and by no more than 5% total over the life of the loan. O Alock-in option allows a borrower to pay a small fee to convert an ARM into a fixed rate mortgage