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A borrower takes out a 30-year, 2/1 ARM for $250,000. The firsttwo years of the loan have a teaser rate of 4.00%; after that,the rate

A borrower takes out a 30-year, 2/1 ARM for $250,000. The firsttwo years of the loan have a "teaser" rate of 4.00%; after that,the rate resets to LIBOR plus 3. On the first day of year 3, LIBOR= 4% 1 answer

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