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Suppose that you take a 3 0 - year, monthly payment, 3 / 1 interest - only ARM for $ 3 2 5 , 0

Suppose that you take a 30-year, monthly payment, 3/1 interest-only ARM for $325,000 with an initial contract rate of 5.25% and a contract rate in year 4 of 6.75%. What are your monthly payments for the interest-only period and then for year 4? USING FINANCIAL CALCULATOR KEYSTROKES

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