Business, 07.03.2020 05:57 jennybee12331

You have taken out a $350,000, 3/1 ARM. The initial rate of 6.0% (annual) is locked in for 3 years. Calculate the outstanding balance on the loan after 3 years. The interest rate after the initial lock period is 6.5%. (Note: the term on this 3/1 ARM is 30 years)

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You have taken out a $350,000, 3/1 ARM. The initial rate of 6.0% (annual) is locked in for 3 years....