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Tomtit [17]
3 years ago
12

A borrower takes out a 30-year adjustable rate mortgage loan for $200,000 with monthly payments. The first two years of the loan

have a "teaser" rate of 4%, after that, the rate can reset with a 2% annual rate cap. On the reset date, the composite rate is 5%. What would the Year 3 monthly payment be? Group of answer choices
Business
1 answer:
Lana71 [14]3 years ago
8 0

Answer:

$1,067 is the correct answer.

Explanation:

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