You have taken out a $425,000, 3/1 ARM. The initial rate of 5% (annual) is locked...

You have taken out a $425,000, 3/1 ARM. The initial rate of 5% (annual) is locked in for three years and is expected to increase to 6.75% 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.)

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As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.

ANSWER : 2281.49

jeff jeffy answered 1 year ago

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