10. Morgan has a 5/1 adjustable-rate mortgage (ARM) with an initial rate of 3.2% and 2/2/5 rate caps. 5/1 means that Morgan is guaranteed the initial rate for 5 years; with rate adjustments every 1 year thereafter. 2/2/5 means that the first rate increase cannot exceed 2%; each subsequent rate increase cannot exceed 2%; and the total rate increases over the life of the loan cannot exceed 5%. What is the maximum overall rate for this ARM? Maximum overall rate