Can someone please explain these numbers in English?

[Dakoda Spencer]

Hello BP!

I have been having a difficult time wrapping my head around the meaning of some numbers. When I asked a local bank for info about their investment loans, interest rates, etc, the following were some of the numbers I was given:

7/1 5.99% - adjusting at Prime + 1.00%

5/3 5.50% - adjusting at Prime + 1.50%

3/3 4.99% - adjusting at Prime +1.50%

1/1 4.50% - adjusting at Prime +1.00%

Could someone please put it in plain English what these numbers mean? Or point me where to find the meaning? If someone could simply break one of these down for me, I would really appreciate it.

Thanks everyone!