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You have a 3/1 ARM that had an initial balance of $410,400 and an interest rate of 3.31%. After the initial lock period, your rate
You have a 3/1 ARM that had an initial balance of $410,400 and an interest rate of 3.31%. After the initial lock period, your rate will go to 5.76%. If you make all the scheduled payments as planned, what will your balance be at the first rate adjustment.
Answer should be formatted as a dollar amount rounded to the nearest cent.
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