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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 22
Dale Evans bought the Lazy D Ranch with an adjustable-rate mortgage. The lender's margin on the loan is 3.9%, and the overall rate cap is 6% over the life of the loan.
a. If the current index rate is 4.45%, what is the calculated interest rate of the ARM?
b. What is the maximum overall rate of Dale's loan?
a. If the current index rate is 4.45%, what is the calculated interest rate of the ARM?
b. What is the maximum overall rate of Dale's loan?
Explanation
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Consider the lender's margin on the loan...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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