Consider a two-step mortgage for $150,000, 30 years, monthly payments, an initial interest rate of 5%, a cap of 5%, and a single rate adjustment at the end of year 7. If the index rate at the end of year 7 is 5% and the margin is 2%, what is the payment amount during the last 23 years of this loan?

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This 2step mortgage problem requires a 2step solution To solve for the PMT for the last 23 years of ... View the full answer