If one of the terms of an ARM read, interest is capped at 2%/5%, 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 2% annual cap rate and a 5% lifetime cap rate c. The interest rate has a 5% annual cap rate and a 2% lifetime cap rate d. The interest rate has a 2% annual cap rate and a 5% floor cap rate