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OpenStudy (anonymous):
Chris and Justine are purchasing a townhouse and finance $112,900 with a 25-year 6/3 ARM at 4.85% with a 2/12 cap structure. What will their payments be at the beginning of the seventh year assuming they are charged the maximum interest rate for that year? @ganeshie8 @ifrimpanainte
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ganeshie8 (ganeshie8):
First find out the balance after 6 years
OpenStudy (anonymous):
answer is 759.70 :)
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