Five years ago Lilian took out a 30 year 5/1 Hybrid ARM loan with monthly payments. The initial rate on this loan is 5% and it resets to LIBOR plus a margin of 150bps. Suppose the remaining balance after five years of payments is $190,185 and the LIBOR rate at the first reset if 4%. What will be Lilian's new monthly payment during 6th year of the loan?

Answer rating: 100% (QA)

Interest rate LIBOR 150 BPS 550 BO1 fe BK ... View the full answer