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Assume you took out a $ 5 0 0 k , 3 0 - year loan with a 5 % initial rate as a 7

Assume you took out a $500k,30-year loan with a 5% initial rate as a 7/1 adjustable-rate mortgage. a. What is your initial monthly loan payment? b. What is your loan balance before the first reset? c. What is your new monthly payment if the new interest rate is 7%?

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