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Here's a link to the current CFPB booklet on adjustable rate mortgages. I'd like for you to read it over as a way of consolidating
Here's a link to the current CFPB booklet on adjustable rate mortgages. I'd like for you to read it over as a way of consolidating the material that we have covered on the topic. For the example loan in the the "AIR" table, the interest rate cannot change by more than than % at any single adjustment (first or subsequent) and it cannot increase by more % over the initial interest rate. (Hint: Read the question carefully, I did not ask for the maximum interest rate.) (Input your answer as a percentage and without the % sign, e.g., 2.5% is input as 2.5 not .025)
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