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Mathematics 9 Online
OpenStudy (anonymous):

McKenzie obtains a mortgage for $150,000 with the following terms: -20 year 6/1 ARM at 3.5% with a 2/7 cap structure -Initial monthly payment: $869.94 What will be the balance of the loan at the end of the initial interest rate period? A. $121,689.86 B. $131,117.25 C. $115,409.62 D. $87,364.35 @ribhu

OpenStudy (ribhu):

it comes out to be B

OpenStudy (ribhu):

u also try and calculate using the formula

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