Multiple Choice
You have taken out a $225,000, 3/1 ARM. The initial rate of 5.8% (annual) is locked in for 3 years and is expected to increase to 6.5% at the end of the lock period. Calculate the initial payment on the loan. (Note: the term on this 3/1 ARM is 30 years)
A) $1,320.19
B) $1,422.15
C) $1,874.45
D) $1959.99
Correct Answer:
Verified
Correct Answer:
Verified
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