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What will be the rate when the loan adjusts

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Question - An ARM is due for a rate change in 45 days. Rate change limitations are 1.000% every six months with a 5.000% life cap over the life of the loan. The current rate is 4.750%, based on the SOFR index and a 2.250% margin. The current SOFR index is 3.600%. What will be the rate when the loan adjusts, rounded to the nearest one-eighth percent?

Reference no: EM133146894

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