anonymous
  • anonymous
a bank advertises a 3/2 ARM at 3.75% with a 3/9 cap what is the maximum interest rate that can be charged during the fourth year
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
@Michele_Laino
Michele_Laino
  • Michele_Laino
I'm sorry, I'm not good in financial mathematics
anonymous
  • anonymous
@Gunboss ??

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anonymous
  • anonymous
bro
anonymous
  • anonymous
I'm in 7th
anonymous
  • anonymous
Unless you want a number in the millions
anonymous
  • anonymous
Ask me
anonymous
  • anonymous
@zepdrix
anonymous
  • anonymous
@mathmate
mathmate
  • mathmate
Are you ready to spend time to understand the problem?
mathmate
  • mathmate
Since either you're busy, or you're not online, I will just leave you with reading, from which you can find your answer. http://www.quickenloans.com/blog/adjustable-rate-mortgage-terms-arm-knowledge 3/2 ARM means initial (period) period = 3 years, adjustment periods = 2 years 3/9 cap means periodic cap = +3%, overall cap (over life of mortgage) = +9%.
anonymous
  • anonymous
hi
anonymous
  • anonymous
i got 6.75 is that right?
anonymous
  • anonymous
@mathmate
mathmate
  • mathmate
Yes, that's correct.
anonymous
  • anonymous
thank you
mathmate
  • mathmate
You're welcome! :)

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