Question: Malika gets a monthly 3 0 year, 7 1 Adjustable Rate Mortgage for $ 1 3 , 8 0 0 . The initial teaser rate

Malika gets a monthly 30 year, 71 Adjustable Rate Mortgage for $13,800. The initial teaser rate of 2,75%, the interest then resets to 250 basis points above 1 year CMT. Malika calculates her initial payment to be $56.34(using the prior info). What will be her remaining loan balance right before the first interest rate reset (i.e. after she makes 7 year(s) of payments)? State your answer as a positive number rounded to two decimal points (e.g. if the answer is $2345.123, write 2345.12)
 Malika gets a monthly 30 year, 71 Adjustable Rate Mortgage for

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