Question
A borrower takes out a 30-year adjustable rate mortgage loan for $123,000 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 $123,000 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?
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Finance Theory And Practice
Authors: Anne Marie Ward
4th Edition
191235036X, 978-1912350360
