Regina gets a monthly 30 year, 7/1 Adjustable Rate Mortgage for $900,000. The initial teaser rate of
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Regina gets a monthly 30 year, 7/1 Adjustable Rate Mortgage for $900,000. The initial teaser rate of 2.75%, the interest then resets to 250 basis points above 1 year CMT. Right before the rate resets at the beginning of year 8, Regina's remaining balance is $750,899.10. The 1 year CMT at the time of reset if 3.20%. What will be Regina's new monthly payment in year 8?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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