The Tax on Your Salary - 2011-12. On January 9th 1799 the Prime Minister, William Pitt, introduced income tax to pay for the Napoleonic war at the swingeing rate of 0.83% for people earning Â£60 or more.
Basically, an ARM is a mortgage loan that has an interest rate that adjusts, or changes, usually once a year. The benefit of an ARM is that it generally gives you a lower interest rate initially. The risk is that the interest rate most likely will go up, which in turn will make your monthly payments rise.
A 1/1 ARM (adjustable-rate mortgage) has an initial interest rate that remains in effect for one year, after which time the rate is adjusted once annually. The first 1 of 1/1 refers to the number of years the initial rate will apply; the second 1 refers to the time interval between subsequent rate adjustments.