Five years ago you took out a 51 adjustable rate mortgage, Financial Management

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Five years ago you took out a 51 adjustable rate mortgage

Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired, The loan was originally for $249,000 with 360 payments at 4.1% APR, compounded monthly.

a. Now that you have made 60 payments, what is the remaining balance on the loan?

b. If the interest rate increase by 0.9% to 5% APR, compounded monthly, what will be your new payment?

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Financial Management: Five years ago you took out a 51 adjustable rate mortgage

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Financial Management: Five years ago you took out a 51 adjustable rate mortgage

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