You are 12 years into your fully-amortizing 30-year, Ask an Expert

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You are 12 years into your fully-amortizing, 30-year, fixed-rate mortgage for $90,000. The loan has a 7-year reset provision. The initial interest rate on the loan is 6%. The reset rate is 8%. The loan required you to pay 3 discount points at origination. The loan has no interest-only period. How much interest will you pay in year 12?

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Financial Management, Finance

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