Question: 1. Question A. You are considering a 30 year adjustable rate mortgage (ARM) with the following initial terms: Loan: $360,000 Interest rate (APR): 4.80% What

1. Question
A. You are considering a 30 year adjustable rate mortgage (ARM) with the following initial terms:
Loan: $360,000
Interest rate (APR): 4.80%
What is the monthly mortgage payment?
How much do you owe after 60 payments?
B. The interest rate on the ARM resets for the remaining 25 years of the mortgage:
New interest rate (APR): 5.40%
What is the new monthly mortgage pimento for the adjustable rate mortgage?

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