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Find the monthly payment in year 2 for the following ARM: First year rate = 5.4%; 2% annual cap, 6% overall cap; 30-year amortization; margin
Find the monthly payment in year 2 for the following ARM: First year rate = 5.4%; 2% annual cap, 6% overall cap; 30-year amortization; margin = 3.0%; Treasury index at end of year 1 = 4.2%; loan amount = $164,000.
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