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Please show the steps using a BA II Plus Calculator 99. You have taken out a $500,000. 51 ARM. The initial rate of 4% is

Please show the steps using a BA II Plus Calculatorimage text in transcribed

99. You have taken out a $500,000. 51 ARM. The initial rate of 4% is locked in for 5 years. Calculate the payment after recasting the loan (ie., after the reset) assuming the interest rate after the initial lock period is 6.0%. (Note: the term on this 5/1 ARM is 30 years) A. S1,684.59 B. S1,784.79 C. $1,887.75 D. S2,913.78 Use vour Financial Calculator

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