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What is the calculated interest rate of the arm

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Reference no: EM131319683

Marjorie bought a home with an adjustable-rate mortgage. The margin on an adjustable-rate mortgage is 2.5% and the rate cap is 7% over the life of the loan. If the current index rate is 5.9%, what is the calculated interest rate of the ARM?

  • 9.4%
  • 8.4%
  • 10.5%
  • 7%

Reference no: EM131319683

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