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Assume a 1/1 ARM without cap. Term=15 years. Initial loan balance=$10,000. The starting teaser rate=3%, margin=2%. Year LIBOR 1 6.60% 2 13.50% What is the
Assume a 1/1 ARM without cap. Term=15 years. Initial loan balance=$10,000. The starting teaser rate=3%, margin=2%.
Year | LIBOR |
1 | 6.60% |
2 | 13.50% |
What is the total interest payment in Year 2?
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