Mathematics, 20.03.2020 01:36 TheDoges

A bank advertises an adjustable rate mortgage with the following terms:
20 year 4/1 ARM at 3% with a 3/7 cap structure
What are the maximum interest rates for the 5th year and for the life of the mortgage?
a. 5th year: 6% ; Lifetime: 7%
b. 5th year: 6%; Lifetime: 10%
c. 5th year: 4%; Lifetime: 7%
d. 5th year: 4%; Lifetime 11%

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A bank advertises an adjustable rate mortgage with the following terms:
20 year 4/1 ARM at 3%...