What would be the year monthly payment

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A borrower takes out a 30-year adjustable rate mortgage loan for $500,000 with monthly payments. The first two years of the loan have a "teaser" rate of 4%, after that, the rate can rest with a 2% annual rate cap. 0n the reset date, the composite rate is 10%. What would be the Year 3 monthly payment?

Reference no: EM133076110

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