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1.) A 1/1 ARM for $60,000 with an initial interest rate of 10 percent is originated with monthly pay. The interest rate on the ARM

1.) A 1/1 ARM for $60,000 with an initial interest rate of 10 percent is originated with monthly pay. The interest rate on the ARM for year two is 12 percent. Determine the following: a. Year 1 - Initial loan payment b. Year 2 Adjusted loan payment c. Balance End of Year 2

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