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Anvisha [2.4K]
3 years ago
12

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 ba

lance 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)
Business
1 answer:
Vilka [71]3 years ago
5 0

Answer:

Explanation:

  • The Monthly Payment = Loan Amount / PVAF (360,0.50%)

  • The Monthly Payment = 350000 / 166.7916

  • The Monthly Payment = $2098.43

  • Loan Balance after 3 years = PV(0.50%,324,-2098.43) = $336294.2

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1. Discuss the following statement: "Corporations are not really run by their owners."
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