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 $301,000 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 increases by 0.9%?, to 5% ?APR, compounded? monthly, what will be your new? payments?

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

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