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An ARM contract with 2/1 interest rate caps and a 2.00 margin is $100,000, monthly payments for 30 years. The contract rates for the first

An ARM contract with 2/1 interest rate caps and a 2.00 margin is $100,000, monthly payments for 30 years. The contract rates for the first two years are 5.00% and 5.50%, respectively. At the end of year two index value is 4.00%, What is the payment of the loan in year three?

calculate the payment and the balance of the loan year by year

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