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Social Studies, 22.04.2020 02:58 rileyeddins1010
Gary signs a purchase contract for a house and finds a good financing deal with Mountain Bank. Mountain Bank sends Gary an executed commitment letter for the mortgage loan, which specifies a rate of interest of 4.5%. At closing, the note given to Gary to execute has a rate of 7%. Mountain Bank tells Gary that interest rates have risen since the commitment letter was issued. Which of the following is true?
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