Question
A borrower takes out a 30-year adjustable rate mortgage loan for $399,000 with monthly payments. The first two years of the loan have a teaser
A borrower takes out a 30-year adjustable rate mortgage loan for $399,000 with monthly payments. The first two years of the loan have a "teaser" rate of 4%, after that, the rate can reset with a 1% interest rate cap. What is the intial payment on the mortgage?
Please answer it with excel.
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Contemporary Issues In Behavioral Finance
Authors: Simon Grima
1st Edition
1787698823, 978-1787698826
