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You have taken out a $450,000, 1/1 ARM. The initial rate of 5.0% (annual) is...

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Finance

You have taken out a $450,000, 1/1 ARM. The initial rate of 5.0% (annual) is locked in for 1 years. Calculate the outstanding balance on the loan after 3 years. The interest rate after the initial lock period is 5.5%. (Note: the term on this 1/1 ARM is 30 years).

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