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A 3/1 ARM is made for $250,000 at 7 percent with a 30-year maturity. Fixed payments are to be made monthly for three years, after
A 3/1 ARM is made for $250,000 at 7 percent with a 30-year maturity. Fixed payments are to be made monthly for three years, after which the interest rate will reset. find the loan balance after three years then use that answer to help you with the next part. assuming the PAYMENT CAP of 15%, what would new payments be beginning in year 4 if the interest rate rose to 10%? Hint: unrestricted payment vs. capped payment.
find the loan balance after three years then use that answer to help you with the next part. assuming the PAYMENT CAP of 15%, what would new payments be beginning in year 4 if the interest rate rose to 10%? Hint: unrestricted payment vs. capped payment.
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