Mary Ann bought a new home for ($100,000.) Her mortgage is ($65,000) and she has a 30-year
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Mary Ann bought a new home for \($100,000.\) Her mortgage is \($65,000\) and she has a 30-year ARM. The lender used the one-year Treasury index (4 percent) and a 2 percent margin. The ARM has an interest rate cap of 2 percent. If the one-year Treasury index rate goes up 3 percent, how much can the ARM increase?
A. 2 percent.
B. 6 percent.
C. 7 percent.
D. 9 percent.
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To calculate the new interest rate for Mary Anns adjustablerate mortgage ARM aft...View the full answer
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Related Book For 
Essentials Of Personal Financial Planning
ISBN: 9781945498237
1st Edition
Authors: Susan M. Tillery, Thomas N. Tillery
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