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The initial rate on a 30-year, 3/1 ARM is 4%. The loan has a margin...

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The initial rate on a 30-year, 3/1 ARM is 4%. The loan has a margin...

The initial rate on a 30-year, 3/1 ARM is 4%. The loan has a margin of 2.5%, a 2% per year cap, and a 6% lifetime cap. At origination, the index (1-year T-Bill) is 1%. The maximum rate that can ever be charged is____


7%


6%


8%


10%

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Answered by ecovert0087 on coursehero.com
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