Suppose you take a 3/1 interest-only ARM for $110,000 with an interest-only contract of 5.00...
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Accounting
Suppose you take a 3/1 interest-only ARM for $110,000 with an interest-only contract of 5.00 percent and a following rate of 6.50%.
A.What is your payment for the interest-only period?
B.What is the subsequent payment to fully amortize the debt over its stated term?
C.How may discount points would the lender have to charge to earn an APR of 7.00 percent?
Solve this using a financial calculator.
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