Which of the following is a characteristic of a graduated payment loan and generally not found in a traditional level payment loan?

A graduated payment loan is designed to accommodate borrowers who anticipate an increase in their income over time, allowing them to start with lower initial payments that gradually increase at predetermined intervals. This is distinct from a traditional level payment loan, where payments remain constant throughout the loan's term.

The primary feature of graduated payment loans is their structure, which enables these lower payments at the beginning. This is particularly beneficial for individuals who might not have the financial capacity to handle higher payments initially but expect to be in a better position financially in the future.

In contrast, a traditional level payment loan maintains equal payments over its term, while options like fixed interest rates and negative amortization are characteristics that could apply differently across various loan types, but they do not encapsulate the unique feature of graduated payment loans that relates specifically to payment variation over time. Understanding this concept is crucial for recognizing how different loan structures can cater to varying financial situations.