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OpenStudy (anonymous):
Help, Am I correct?
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OpenStudy (anonymous):
A bank advertises a 3/1 ARM at 7.85% with a 3/9 cap. What is the maximum interest rate that can be charged during the fifth year? I got 10.85 because 7.87 +3 =10.85
OpenStudy (anonymous):
add another 3 and you got the right answer there, bucko. 13.85%
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