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A bank offers a mortgage that lists 2% interest for the first year of the loan. This rate might increase in future years if the loan has a(n) (5 points) Group of answer choices adjustable rate credit limit down payment fixed rate

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Answer: Adjustable rate

Explanation: Adjustable rate is a term used in the financial environment to describe the rate at which the interest rate of mortgage loans can be adjusted as the economy improves or as the economy suffers loss.

Adjustable rate is known to be varied throughout the duration of the loan,the interest rate is only fixed for a period of time,and changed from time to time.

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