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You take a 5/1 interest-only ARM for $250,000, monthly payments, 30-year term. The initial contract rate is 4.5% for the first 5 years. What is

You take a 5/1 interest-only ARM for $250,000, monthly payments, 30-year term. The initial contract rate is 4.5% for the first 5 years. What is your monthly payment for the first 5 years?

show your work please!

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