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You have taken out a $500,000, 5/1 ARM. The initial rate of 6.4% is locked in for five years. Calculate the monthly payment in Year
You have taken out a $500,000, 5/1 ARM. The initial rate of 6.4% is locked in for five years. Calculate the monthly payment in Year 6 assuming the interest rate after the initial lock period is 8.0%. (Note: the term on this 5/1 ARM is 30 years.)
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Foundations In Personal Finance
Authors: Dave Ramsey
3rd Edition
1936948524, 978-1936948529
