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You have a 6 - 1 ARM with a 3 0 - year loan term with an interest rate of 3 . 2 % compounded
You have a ARM with a year loan term with an interest rate of compounded monthly. Your monthly mortgage payments for the first seven years are $ per month. For parts a and b use units and context in your answers, round to two decimal places.
a Calculate how much money you owe on the principal after seven years of payments.
b Your new interest rate is year compounded monthly. What will your new monthly mortgage payment be
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