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MakcuM [25]
1 year ago
11

If Art has a 7/1 ARM, how long will the fixed interest rate be applied to his loan?

Mathematics
1 answer:
natta225 [31]1 year ago
4 0

Answer:

step-by-step explanation:

A 7/1 ARM is a mortgage that has a fixed interest rate in the beginning, then switches to an adjustable or variable one. The 7 in 7/1 indicates the initial fixed period of seven years. After that, the interest rate adjusts once yearly based on the index stated in the loan agreement, plus a margin set by the lender.

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