Pregunta
Fredrick bought a home with an adjustable-rate mortgage. The margin on an adjustable-rate mortgage is
loan. If the current index rate is
Select one:
a.
b.
c.
d.
loan. If the current index rate is
Select one:
a.
b.
c.
d.
Ask by Norton Watkins. in the United States
Mar 21,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
Responder
The calculated interest rate of the ARM is
Solución
- The fully indexed interest rate is calculated by adding the margin to the current index rate:
- Substitute the provided values:
- Perform the addition:
- The calculated interest rate of the ARM is
, which does not exceed the rate cap of over the life of the loan.
The correct answer is:
a.
a.
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Simplifique esta solución Bonus Knowledge
To calculate the interest rate of the adjustable-rate mortgage (ARM), you would add the current index rate to the margin. Here, the current index rate is
So, the calculated interest rate is:
Since the interest rate exceeds the maximum rate cap of
So the correct answer is:
a.
a.
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