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Willy asked:

Here’s the question I need help with.
An ARM has a current rate of 4.50%. It has a 1/5 cap and a margin of 2%. If the current T-bill rate of 3-1/8% is its index rate, what would the new ARM rate be when it is adjusted?
6-2/8%
5-1/8%
7.50%
5.50%
Thank you!

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