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What is the monthly payment for the first year

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A person is borrowing $100,000 for a 30 year morgage loan. The first year the intrest rate is 2.5% which will reset after the first 12 months. It will reset as a FRM for the remaining term of the loan at 5.5%. You should assume payments start after 1 month.

A) What is the monthly payment for the first year?

B) What is the monthly payment for the remaining 29 years?

Reference no: EM131558329

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