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A bank advertises a 2/1 ARM at 3.25% with a 2/10 cap. What is the maximum interest rate that can be charged during the fifth year? A 2% B 3.25% C 9.25% D 10%

A bank advertises a 2/1 ARM at 3.25% with a 2/10 cap. What is the maximum interest rate that can be charged during the fifth year? A 2% B 3.25% C 9.25% D 10%
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A bank advertises a 2/1 ARM at 3.25% with a 2/10 cap.

What is the maximum interest rate that can be charged during the fifth year?
A 2%
B 3.25%
C 9.25%
D 10%

User Campbeln
by
8.0k points

1 Answer

5 votes
The answer is B 3.25%
User Yuri Ghensev
by
8.2k points
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