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You have taken out a 30-year, $300,000, 3/1 ARM. The initialannual rate of 6.5%, and the composite rate is LIBOR plus 2. After3 years, LIBOR

You have taken out a 30-year, $300,000, 3/1 ARM. The initialannual rate of 6.5%, and the composite rate is LIBOR plus 2. After3 years, LIBOR is 7%. Calculate the outstanding balance on the loanafte 1 answer

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