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An ARM Ioan for 30 years at an annual interest rate of 4% and a balance of $50,000 was made. Suppose the market index rises

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An ARM Ioan for 30 years at an annual interest rate of 4% and a balance of $50,000 was made. Suppose the market index rises at the end of one year and the new interest rate on the ARM is 6%. What is the new monthly payment on the outstanding loan balance for the remaining 29 years? $298.16 $238.71 $200 It can not be determined

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