Question: Sheldon Cooper plans to buy a research facility for $ 3 5 0 , 0 0 0 . He will borrow the entire amount. Sheldon

Sheldon Cooper plans to buy a research facility for $350,000. He will borrow the entire amount. Sheldon will take out an adjustable rate mortgage that has an APR of 3.0 percent rate for the first 5 years. After that the rate will change annually to reflect market conditions. The annual cap is 2%(i.e., the largest increase in any year is 2%). The loan term is 30 years and payments are made monthly.
What is the remaining balance on the loan after five years?

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