Your ARM has a two year adjustment interval, 4% margin, 2% periodic rate cap and a 6% lifetime cap. This year the market interest index increased by 2.75%. What will happen to your APR on this loan?
A) It will increase by 2%
B) It will increase by 2.75%
C) It will increase by 4%
D) It will increase by 6%
Answer: A
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