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The table shows the specifications of an adjustable rate mortgage? (ARM). Assume no caps apply. Find?...

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Advance Math

The table shows the specifications of an adjustable ratemortgage? (ARM). Assume no caps apply. Find? a) the initialmonthly? payment; b) the monthly payment for the second?adjustment; and? c) the change in monthly payment at the firstadjustment. ?*The principal balance at the time of the first rateadjustment.

Beginning Balance ?$75000

Term 20 years

Initial index rate 5.4?%

Margin 2.6 ?%

Adjustment period 1 year

Adjusted index rate 6.9?%

?*Adjusted balance $73,414.75

What is the initial monthly? payment?

?(Round to the nearest? cent.)

What is the monthly payment for the second adjustment?period?

?(Round to the nearest? cent.)

How much is the increase in monthly? payments?

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