Question: You have taken out a $ 2 3 2 , 4 3 9 , 7 / 1 ARM. The initial rate of 3 % (

You have taken out a $232,439,7/1 ARM. The initial rate of 3%(annual - compounded monthly) is locked in for 7 years. Calculate the payment after recasting the loan (i.e., after the reset) assuming the interest rate after the initial lock period is 8%.(Note: The term on this 7/1 ARM is 27 years.)

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