A borrower is considering a 1-year adjustable rate mortgage, Ask an Expert

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A borrower is considering a 1-year adjustable rate mortgage of $250,000 that starts at 2.5%, 30 year amortization. The margin is 2.25%. The annual change caps are 2% per year. The current index is 1.25%. The life cap is 6% over the start rate. What is the initial monthly payment?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91537439

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