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What will payments be at beginning of the seventh year

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Problem 1: Chevy and Judith are purchasing a townhouse and finance $154,200 with a 30-year 5/3 ARM at 6.45% with a 4/13 cap structure. What will their payments be at the beginning of the sixth year assuming they are charged the maximum interest rate for that year?

A. $907.11

B. $1,356.97

C. $969.58

D. $1,314.26

Problem 2: Chris and Justine are purchasing a townhouse and finance $112,900 with a 25-year 6/3 ARM at 4.85% with a 2/12 cap structure. What will their payments be at the beginning of the seventh year assuming they are charged the maximum interest rate for that year?

A. $759.70

B. $557.09

C. $674.48

D. $650.17

Reference no: EM132878641

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