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OpenStudy (anonymous):
Please help!! A bank advertises a 3/1 ARM at 4.65% with a 3/9 cap. What is the maximum interest rate that can be charged during the fifth year?
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OpenStudy (dumbcow):
i think it would be 10.65% ... since max int adjustment per year after 3rd year is 3% until 9% 4th year --> 7.65% 5th year --> 10.65%
OpenStudy (anonymous):
Thanks so much
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