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22-04-2020
Social Studies

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Which of these describes how a 5/1 ARM mortgage works?

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amarchant2026 amarchant2026

22-04-2020

Answer:

An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. With an adjustable-rate mortgage, the initial interest rate is fixed for a period of time.

Explanation:

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