Multiple Choice
You have taken out a $350,000, 3/1 ARM. The initial rate of 6.0% (annual) is locked in for 3 years. Calculate the outstanding balance on the loan after 3 years. The interest rate after the initial lock period is 6.5%. (Note: the term on this 3/1 ARM is 30 years)
A) $2,098.43
B) $2,183.95
C) $336,294.25
D) $347,901.57
Correct Answer:
Verified
Correct Answer:
Verified
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