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A 30-year adjustable rate mortgage (ARM) with an annual rate adjustment has a duration of about A. 30 years B. 12 years C. 7 years

A 30-year adjustable rate mortgage (ARM) with an annual rate adjustment has a duration of about

  • A. 30 years

  • B. 12 years

  • C. 7 years

  • D. 1 year

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