Which loan in the below table should have the lowest initial interest rate? Show working. LOAN 1
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LOAN 1 LOAN 2 LOAN 3 LOAN 4 Initial Interest Rate ? ? ? ? Loan Maturity (years) 20 20 20 20 % Margin Above Index 3% --- 3% 3% Adjustment Interval 1 yr. --- 1 yr. 1 yr. Points 1% 1% 1% 1% Interest Rate Cap NONE ---- 1%/yr. 3%/yr.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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