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DETAILS 4. [-/1 Points) BRECMBC9 14.1.020.MI. MY NOTES ASK YOUR TEACHER The margin on an adjustable-rate mortgage is 2.5% and the rate cap is 5%

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DETAILS 4. [-/1 Points) BRECMBC9 14.1.020.MI. MY NOTES ASK YOUR TEACHER The margin on an adjustable-rate mortgage is 2.5% and the rate cap is 5% over the life of the loan. If the current Index rate is 8.6%, find the maximum overall rate (as a %) of the loan. %

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