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You have taken out a $350,000, 1/1 ARM. The initial rate of 6.5% (annual) is locked in for 1 years. Calculate the outstanding balance on

You have taken out a $350,000, 1/1 ARM. The initial rate of 6.5% (annual) is locked in for 1 years. Calculate the outstanding balance on the loan after 3 years. The interest rate after the initial lock period is 6.75%. (Note: the term on this 1/1 ARM is 15 years) show work

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