Answer choices are:
a. The loan must have a cosigner
b. Used for vehicle purchases only
c. Fixed initial rate followed by periodic rate adjustments
d. A short duration of a loan, usually five years or less
Correct answer choice is:
c. Fixed initial rate followed by periodic rate adjustments
hybrid ARM loan is a loan that starts with a fixed interest rate for a specific period of time, that can be in few years, and later on, the terms are changed to a variable rate of interest for the remaining amount of time period.
