Question: Which option is correct. Answer with step by step solution. Chris and Justine are purchasing a townhouse and finance $112,900 with a 25-year 6/3 ARM

Which option is correct. Answer with step by step solution.

Which option is correct. Answer with step by step solution. Chris and

Chris and Justine are purchasing a townhouse and finance $112,900 with a 25-year 6/3 ARM at 4.85% with a 2/12 cap structure. What will their payments be at the beginning of the seventh year assuming they are charged the maximum interest rate for that year? $759.70 $557.09 $674.48 $650.17

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