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What will be the new monthly payment

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Question: ADJUSTABLE-RATE MORTGAGES George secured an adjustablerate mortgage (ARM) loan to help finance the purchase of his home 5 yr ago. The amount of the loan was $300,000 for a term of 30 yr, with interest at the rate of 8%/year compounded monthly. Currently, the interest rate for his ARM is 6.5%/year compounded monthly, and George's monthly payments are due to be reset. What will be the new monthly payment?

Reference no: EM131556732

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