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Suppose that you take a 30-year, monthly payment, 3/1 interest-only ARM for $100,000 with an initial contract rate of 5.00% and a contract rate in

Suppose that you take a 30-year, monthly payment, 3/1 interest-only ARM for $100,000 with an initial contract rate of 5.00% and a contract rate in year 4 of 6.50%. What are your payments for the interest-only period and then for year 4?

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