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Calculate the payment after recasting the loan

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You have taken out a $475,000, 5/1 ARM. The initial rate of 3.75% (annual) is locked in for 5 years. Calculate the payment after recasting the loan (i.e., after the reset) assuming the interest rate after the initial lock period is 4.25%. (Note: the term on this 5/1 ARM is 30 years.)

Reference no: EM132740059

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