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please calculate the total interest paid on the loan with the following terms. Loan is $1,000,000. There is an initial teaser rate of 1.5%, The
please calculate the total interest paid on the loan with the following terms.
Loan is $1,000,000.
There is an initial teaser rate of 1.5%,
The index equals 2.0%, 2.5%, 3.15%, 3.85%, 5.0% for years beginning 1-5, respectively.
The margin or spread is 3%.
There is an annual cap of 2% and a lifetime cap of 7.5%.
If possible please include excel formulas
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