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A homeowner finances his house using an Adjustable Rate Mortgage with a starting rate of 2.5% on a 300,000 loan. The term length is 30
- A homeowner finances his house using an Adjustable Rate Mortgage with a starting rate of 2.5% on a 300,000 loan. The term length is 30 years with a 1-year interval period. If the composite rate changes to 5%, what will be the new payment amount after 1-year (20 points)?
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