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OpenStudy (anonymous):
Aimee and Ben are purchasing a condominium and are financing $415,500. The mortgage is a 20-year 3/1 ARM at 2.75% with a cap structure of 1.5/8. What will their payments be for the first 3 years?
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OpenStudy (tkhunny):
Just ignore all the trash. For the 1st 3 years, it's a 20-year mortgage at 2.75%. Done.
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