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You have taken out a $925,000, 3/1 ARM. The initial rate of 6% (annual) is locked in for three years and is expected to increase

You have taken out a $925,000, 3/1 ARM. The initial rate of 6% (annual) is locked in for three years and is expected to increase to 7.25% at the end of the lock period. Calculate the monthly payment of Year 4 on the loan. (Note: the term on this 3/1 ARM is 30 years.)

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