As a follow-up to the previous question, George and Martha W…
As a follow-up to the previous question, George and Martha Washington are purchasing a house in Elk Grove financed with an adjustable-rate mortgage. The margin on the loan is 3.75%, and the rate cap is 6.25% over the life of the loan. The current index rate is 3.90%. What is the maximum overall rate of the loan?
Read Details