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need help Refer to Narrative 14-1. The margin on an adjustable-rate mortgage is 5.5% and the rate cap is 6.55% over the life of the

need help

Refer to Narrative 14-1. The margin on an adjustable-rate mortgage is 5.5% and the rate cap is 6.55% over the life of the loan. If the current index rate is 6.25%, what is the calculated interest rate of the ARM? 11.75% 11.0% 9.25% 12.2%

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