You have taken out a

$279,924,(6)/(1)

ARM. The initial rate of

4%

(annual - compounded monthly) is locked in for 6 years. Calculate the payment after recasting the loan (i.e., after the reset) assuming the interest rate after the initial lock period is

9%

. (Note: The term on this

(6)/(1)

ARM is 20 years.)

You have taken out a $279,924,6/1 ARM. The initial rate of 4% (annual - compounded monthly) is locked in for 6 years. Calculate the payment after recasting the loan (i.e., after the reset) assuming the interest rate after the initial lock period is 9%. (Note: The term on this 6/1 ARM is 20 years.) You have taken out a $279,924,6/1 ARM. The initial rate of 4% (annual - compounded monthly) is locked in for 6 years. Calculate the payment after recasting the loan (i.e., after the reset) assuming the interest rate after the initial lock period is 9%. (Note: The term on this 6/1 ARM is 20 years.)