Question: You financed your home with a 5/1 ARM. The initial balance on your mortgage was $315,058. Your interest rate for the initial lock period is

You financed your home with a 5/1 ARM. The initial balance on your mortgage was $315,058. Your interest rate for the initial lock period is 3.58%, which will adjust to 5.12%.

How much will your new payment be after the rate adjusts?

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