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A mortgage lender has offered you a $425,000 30-year 3/1 Hybrid adjustable rate mortgage (ARM) loan with monthly payments that fully amortizes with $6,000 of
A mortgage lender has offered you a $425,000 30-year 3/1 Hybrid adjustable rate mortgage (ARM) loan with monthly payments that fully amortizes with $6,000 of origination fees. The initial rate of the offered loan is 4.2%, but future payments after the loan resets will be indexed the current 10- year T-bond rate plus a margin of 276 basis points. There are no interest-rate caps on the loan and the 10-year T-bond rate will be equal to 3.24% at the time the loan will be originated. What is the anticipated size of the 18th monthly payment? Please round your answer to the nearest cent (ie, two digits right of the decimal) A mortgage lender has offered you a $425,000 30-year 3/1 Hybrid adjustable rate mortgage (ARM) loan with monthly payments that fully amortizes with $6,000 of origination fees. The initial rate of the offered loan is 4.2%, but future payments after the loan resets will be indexed the current 10- year T-bond rate plus a margin of 276 basis points. There are no interest-rate caps on the loan and the 10-year T-bond rate will be equal to 3.24% at the time the loan will be originated. What is the anticipated size of the 18th monthly payment? Please round your answer to the nearest cent (ie, two digits right of the decimal)
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