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What will be the balance of the loan at the end

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Reference no: EM133012515

Problem - Mark obtains a mortgage for $250,000 with the following terms:

15 year 5/1 ARM at 6.5% with a 3/7 cap structure

Initial monthly payment: $2,177.77

Required - What will be the balance of the loan at the end of the initial interest rate period?

Reference no: EM133012515

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