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Question
Sierra borrows $175,000 from Regional Home Finance Corporation to buy a home. The loan is a twenty-year, 3/1, adjustable-rate mortgage, with an initial interest rate of 4.0 percent for three years and potential increases of up to 3.0 percent to a cap of 11.0 percent. Before the loan is completed, the lender discloses the amount of the loan principal, the initial interest rate, the initial annual percentage rate, and associated fees and costs. Not disclosed are material details about the amounts of the payments when the interest rate changes. Before the first increase takes effect, Sierra decides that she wants to rescind the loan. What is a "twenty-year, 3/1, adjustable-rate mortgage"? Can Sierra rescind this loan? Why or why not?Answer
This answer is hidden. It contains 1358 characters.
Related questions
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Counteradvertising requires a company to advertise the products of its competitor to counter its own false claims.
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Vague generalities and obvious exaggerations constitute deceptive advertising.
Q:
An act must substantially affect interstate commerce to violate antitrust law.
Q:
Antitrust legislation was created because of the belief that competition leads to lower prices.
Q:
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d. price discrimination.
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