Question
You have taken out a $300,000, 7/1 ARM amortized over 30 years with these initial loan features: Teaser Rate: 5.5% Index Rate: 6.0% Margin
You have taken out a $300,000, 7/1 ARM amortized over 30 years with these initial loan features: Teaser Rate: 5.5% Index Rate: 6.0% Margin Loan 2.25% Annual Cap 1.5% After seven years, the Index rate changed to 3.0 %. Given this information, what will the new mortgage payment be for this loan? $1,758 $1,665 $1,945 $1,338
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Intermediate Algebra
Authors: Margaret Lial, John Hornsby, Terry McGinnis
13th Edition
0134895983, 978-0134895987
