The Nguyen family has an adjustable-rate mortgage (ARM) with a margin of 2.00 points (2.00%) and 2/2/5 rate caps. 2/2/5 means that the first rate increase cannot exceed 2%; each subsequent rate increase cannot exceed 28; and the total rate increases over the life of the loan cannot exceed 5%. If the current index rate is 3.10%, what is the calculated (Initial) rate? What is the maximum overall rate? Calculated (initial) rate: Maximum overall rate