Question: A 30-year ARM in which the lender adds a margin of 2.5 to the index rate, which now stands at 3.0 percent. Find the monthly

A 30-year ARM in which the lender adds a margin of 2.5 to the index rate, which now stands at 3.0 percent. Find the monthly mortgage payments for the first year only. Round the answer to the nearest cent.

the monthly payments be on a $140,000 loan if the mortgage

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