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OpenStudy (anonymous):
Aimee and Ben are purchasing a condominium and are financing $365,000. The mortgage is a 15-year 3/1 ARM at 6.25% with a cap structure of 1.5/8. What will their payments be for the first 3 years? So I did I=0.0625/12 = 0.00520833 N=12 t=15 nt=180 B=365000
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