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.
Definition. A 5 Year ARM is a loan with a fixed rate for the first five years. After that, it has an adjustable rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first five years, the monthly payment may also change.A 5 year ARM, also known as a 5/1 ARM, is a hybrid mortgage.A hybrid mortgage combines features from an adjustable rate mortgage (ARM) and a fixed mortgage.ecause the interest rate can change after the first five years, the monthly payment may also change. A 5 year ARM, also known as a 5/1 ARM, is a hybrid mortgage. A hybrid mortgage combines features from an adjustable rate mortgage (ARM) and a fixed mortgage.