Question
A borrower takes out a 26 year adjustable rate mortgage loan for $479854 with monthly payments. The first two years of the loan have a
A borrower takes out a 26 year adjustable rate mortgage loan for $479854 with monthly payments. The first two years of the loan have a teaser
rate of 4%, after that, the rate can reset with a 2% annual rate cap. On he reset date, tha composite rate is 5%. What wouid the Year 3 monthly
payment be?
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Unlimited Business Financing
Authors: Trent Lee, Dr Chad Lee
1st Edition
1934275050, 9781934275054
