Your Mortgage Is an ARM with a 1 Year Adjustment

question 39

Multiple Choice

Your mortgage is an ARM with a 1 year adjustment interval,4% margin,and a 2% periodic cap.Your initial APR on this loan was 4.5%.Over the last 5 years the market rates of interest have risen dramatically.The current interest rate index for your loan is 8.5 %.What APR are your monthly payments being calculated on today?

• A)4.5%
• B)8.5%
• C)10.5%
• D)12.5%

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Definitions:

Selection Procedures

The processes and methods used by an organization to identify, evaluate, and choose the most suitable candidates for a position.

Selection Ratio

A measure used in hiring processes to indicate the number of hired individuals out of all applicants.

Credit Checks

An assessment conducted by employers, especially for positions that handle financial responsibilities, to evaluate an applicant's credit history as a measure of reliability and financial stability.

Reference Check

The process of contacting a job applicant's previous employers, colleagues, or other references to verify the accuracy of the information provided by the applicant and to gain insights into their performance and behavior.