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What index is used to determine rates on Bank of Americas Home Equity Line of Credit accounts?

April 26, 2017accounts America Bank determine home equity index line of credit rates Used

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What index is used to determine rates on Bank of Americas Home Equity Line of Credit accounts?

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The index is based on The Wall Street Journal Prime Rate. This index plus or minus the stated margin is what determines the Home Equity Line of Credit rate and are factors in calculating the annual percentage rate (APR). Note: This Index is used in Arkansas, Arizona, California, Connecticut, Washington, D.C., Florida, Georgia, Idaho, Indiana, Iowa, Illinois, Kansas, Maine, Maryland, Massachusetts, Michigan, Missouri, North Carolina, New Hampshire, New Jersey, New Mexico, New York, Nevada, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington.