Which of the following is NOT a payment option for Adjustable Rate Mortgages (ARMs)?

Variable Rate is indeed not considered a payment option for Adjustable Rate Mortgages (ARMs). Instead, it describes how the interest rate is structured and changes over time rather than reflecting a specific term or payment structure. ARMs commonly offer fixed payment periods, such as 15 or 30 years, where borrowers repay their loans with both principal and interest typically based on an initial fixed rate that later adjusts per the terms of the mortgage.

The term "Negative/Minimum" in this context refers to a specific payment structure that allows a borrower to make a lower payment that does not cover the interest due, resulting in a negative amortization scenario. Thus, both "15 Years" and "30 Years" are standard terms for ARMs, while "Variable Rate" describes the nature of the interest rate rather than a payment term.