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Question #13 A borrower takes out a 30-year adjustable rate mortgage loan for $300,000 with monthly payments. The first two years of the loan

Question #13 A borrower takes out a 30-year adjustable rate mortgage loan for $300,000 with monthly payments. The first two years of the loan have a "teaser" rate of 4%, after that, the rate can reset with a 1% annual rate cap. On the reset date, the composite rate is 5%. What would the Year 3 monthly payment be? Numeric Response

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