A B C D E F G H K L 24. NCSECU offers a 1/1 adjustable rate mortgage with a 30-year term. The margin is setat 1% and the index is the 1-year CMT index. The initial rate on the loan is 4.5% and the loan features an interest rate cap of 1.5% at each reset date and a floor of 2.00%. The rate of the 1-year CMT index at each of the first 4 reset dates is shown below: Reset 1 = 5% 7 B Reset 25.125% 9 Reset 3 = 3.5% 10 11 Reset 4 = 6.625% 12 13 What is the rate on the loan during the fifth year (i.e. what is the rate at the 4th resetdate)? Please enter your answer such that 2.375% would be input as 2.375. 14 15 16 17 18 19 20 21 22 23 24 25 26 27