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An adjustable-rate mortgage resets every year. For the first year, the index rate is 3.3% and the margin is 2.9%. The loan is for $200,000
An adjustable-rate mortgage resets every year. For the first year, the index rate is 3.3% and the margin is 2.9%. The loan is for $200,000 and has a term of 30 years. How much is still owed after the first year (assume that the twelve required payments have been made)? Choose the answer that has been rounded to the nearest dollar.
194,818
198,765
197,634
194,311
196,048
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