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An option adjustable rate mortgage (arm) offers flexible payment options , including full payment, interest-only payment, and minimum payment. Based on the following loan information,
An option adjustable rate mortgage (arm) offers flexible payment options , including full payment, interest-only payment, and minimum payment. Based on the following loan information, which of the following is TRUE about tthe payment this month.
- The loan term is 30 years
- the original loan amount is 250,000
- Ending balance of last month is 200,000
- mortgage interest rate is 6%
- minimum payment interest rate is 1.5% (annual rate)
A. All of the above
B. The minimum payment is $250
C. The interest only payment is $1000
d. the full payment is $1,499
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