Question: Be sure to Show calculation step by stepl by using inputs ( N , Pv, Pmt , FV, I/y ) You have taken out a

Be sure to Show calculation step by stepl by using inputs ( N , Pv, Pmt , FV, I/y )

You have taken out a $300,000, 5/1 ARM. The initial rate of 5.4% (annual) is locked in for 5 years. Calculate the payment after recasting the loan (i.e., after the reset) assuming the interest rate after the initial lock period is 8.0%. (Note: the term on this 5/1 ARM is 30 years)

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