Business, 14.05.2021 01:00 raedusty3200

Suppose that you have just borrowed $225,000 using an adjustable-rate mortgage. Suppose that the payment is scheduled to adjust at the end of every year. Use the information provided below to calculate the year 2 payment for this loan. Index rate: 1-year CMT (Currently 1.01% and will increase to 2.06% at the end of the 1st year)
Margin: 275 basis points
Periodic Cap: 2 percentage points
Lifetime Cap: 5 percentage points
Amortization: 30 years with monthly payments and compounding
a. $1,107
b. $1,160
c. $1,296
d. $1,178

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Suppose that you have just borrowed $225,000 using an adjustable-rate mortgage. Suppose that the pay...

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