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Bennett has a two-year adjustable-rate mortgage for $300,000 over 20 years. The margin is 5%, and the index rate starts out at 2.0% and increases
Bennett has a two-year adjustable-rate mortgage for $300,000 over 20 years. The margin is 5%, and the index rate starts out at 2.0% and increases to 3.0% at the first adjustment. If the balance of the principal at the end of the second year is $285,210. Fill in the 25th month of the amortization table.
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