Question: Please show work! Question 14 0 / 10 pts You have taken out a $491,691 5/1 ARM. The teaser rate is 2.94% APR. The loan

Please show work! Question 14 0 / 10 pts You have

Please show work!

Question 14 0 / 10 pts You have taken out a $491,691 5/1 ARM. The teaser rate is 2.94% APR. The loan rate is set by the 1 Year T-Bill plus a margin of 2.32%. Calculate the payment after the first reset date, assuming the new T-bill rate on the first reset date is 2.43%. Note, the full term of this mortgage is 29 years

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