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Use the following information to answer the next questions: Adjustable rate mortgage calculated as the CPI + 2%, 30 years, paid monthly Current CPI =
Use the following information to answer the next questions:
Adjustable rate mortgage calculated as the CPI + 2%, 30 years, paid monthly
Current CPI = 1%
Loan Amount = $276,000
No Points or other closing costs
The CPI remains unchanged for the first 2 years, so no adjustments were made to the rate
At the beginning of year 3 the CPI is at 3%
What is monthly payment for the first 2 years of the loan?
What is the monthly payment for the 3rd year of the loan?
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