You have obtained a 25-year adjustable rate mortgage at 589


Problem

You have obtained a 25-year adjustable rate mortgage at 5.89% with a principal of $452,205. The adjustment period is 4/1 with a 3/8 cap structure. What is the maximum interest rate for the life of the mortgage?

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Accounting Basics: You have obtained a 25-year adjustable rate mortgage at 589
Reference No:- TGS02727192

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