Question: QUESTION 9 Bob got a 30 year Fully Amortizing FRM for $2,500,000 at 4%, except with non-constant payments. For the first 2 years Bob will

QUESTION 9 Bob got a 30 year Fully Amortizing FRM for $2,500,000 at 4%, except with non-constant payments. For the first 2 years Bob will pay $1,250 per month. The loan will become a fully amortizing mortgage after 2 years. What will be the balance on this mortgage after 2 years? (hint: see the option ARM slide in the ARM lecture)

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