Solved: If the interest rate increase to 9 over the second year, Business Management

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If the interest rate increase to 9 over the second year

A borrower obtains a $150,000 loan, 20-year ARM with monthly payments and annual interest rate adjustment. The initial interest rate is 7%. The loan has a margin of 2% caps per year at each adjustment. If the interest rate increase to 9% over the second year. What is monthly payment in the second year?

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Business Management: If the interest rate increase to 9 over the second year

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