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A homeowner takes out a $300,000 ARM with a 30-year amortization. The mortgage is interest only for the first three years, and then floats based

A homeowner takes out a $300,000 ARM with a 30-year amortization. The mortgage is interest only for the first three years, and then floats based on margin over the 9^th District Federal Home Loan Bank.

If the initial rate is 5%, what will be the monthly payments for the first three years? __________.

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