13.4 9

Homework: Section 13.4 Assignment Question 9, 13.4.49 HW Score: 76.56%, 12.25 of 16 points Points: 0 of 1 Save James Kinchen has a 1-year ARM for $100,000 over a 25-year term. The margin is 2% and the index rate starts out at 2.7% and increases to 5.0% at the first adjustment. The balance of principal at the end of the first year is $95,591.56. The ARM includes a periodic rate cap of 2% per adjustment period. What is the monthly payment adjustment at the end of the first year? yo sur Came w The monthly payment adjustment at the end of the first year is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as needed.) tow