Computing new monthly payments for arm mortgage

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Kris and Chris are purchasing a home for $100,000. they are seeking a mortgage loan for $80,000 or 80% loan to cost. The bank offered them an ARM mortgage starting at 6% for the first year, the rate adjusts every year thereafter, and is amortized using a 30 year schedule. After 1 year the rate increases to 7%, what is the new payment?

Reference no: EM13118932

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