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weeeeeb [17]
3 years ago
9

Macy has a 20 year adjustable rate mortgage with a fixed rate for the first 7 years. In the 8th year, the interest rate rises to

6.2%. The remaining balance at the end of the 7th years is $398,381.20. What is the monthly payment in the 8th year?
Mathematics
2 answers:
Crank3 years ago
8 0
The answer is indeed 3,725.90. The reason why is because <span>with each adjustment, you take the remaining balance and calculate a fixed rate loan for the remaining time period at the new rate. When you follow that procedure with the data you already have, you get that answer.</span>
natka813 [3]3 years ago
4 0

Answer:

3725.90

Step-by-step explanation:

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