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Question 28 1 pts Suppose you take a 3/1 interest-only ARM for $100,000, monthly payments, 30-year term. The initial contract rate is 4.00% and the

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Question 28 1 pts Suppose you take a 3/1 interest-only ARM for $100,000, monthly payments, 30-year term. The initial contract rate is 4.00% and the contract rate for year 4 is 6,50%. The lender charges two discount points. What is the balance of the loan at the end of year 42 O 98,591.88 94,892.15 96,483.13 O 95,347.22

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