Question: If you have an adjustable rate mortgage with an initial rate of 3.40 percent, an annual interest rate cap of 1 percentage point, and a

If you have an adjustable rate mortgage with an initial rate

If you have an adjustable rate mortgage with an initial rate of 3.40 percent, an annual interest rate cap of 1 percentage point, and a lifetime cap of 5 percentage points, what is the maximum annual interest rate you could end up paying on the ARM? 6 percent 5 percent 8.40 percent O 9.40 percent

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