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.
5/1 ARM Mortgage Help What is a 5/1 ARM? A 5/1 Adjustable Rate Mortgage (ARM) is a mortgage in which the rate is fixed for 5 years and in the sixth year, the loan becomes an ARM. The new rate is determined by an economic index (usually treasury or treasury average index) or by the one-year London Interbank Offered Rate (LIBOR), and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate.