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Numericals A 3/1 ARM is made for $250,000 at 7 percent with a 30-year maturity. Fixed payments are to be made monthly for three years,

Numericals

A 3/1 ARM is made for $250,000 at 7 percent with a 30-year maturity. Fixed payments are to be made monthly for three years, after which the interest rate will reset.

What will be the loan balance after three years?

a. $193,453.93

b. $265,999.15

c. $241,817.41

d. $217,635.67

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