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The Following Problem Involves Adjustable-Rate Mortgage

Question 159

Multiple Choice

The following problem involves adjustable-rate mortgage. You will need a table of monthly payments.
-Suppose your mortgage is $75,000 for 20 years. The index rate is 6.5% and the margin is 2.5%. Find the initial monthly payment.


A) $674.79
B) $487.50
C) $675.00
D) None of the above is correct.

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