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Computing the monthly mortgage payment

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Question: The Bhatts purchased a new home for $245 comma 000 with a down payment of $45 comma 000. They obtained a 25-year adjustable rate mortgage with the following terms. The interest rate is based on the one-year Treasury bill rate, which is currently at 2.5%, and the add-on rate, which is 3.5%. The initial rate period is 5 years, and thereafter the interest rate is adjusted once a year and a new monthly mortgage payment is calculated.

Reference no: EM132218473

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