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Your ARM Payment in Year One Is $671

Question 34

Multiple Choice

Your ARM payment in year one is $671.03.The ARM is a 30 year term with a beginning rate of 5%.In year two your contract rate moves to 7% and your payment is $827.77.How much did you originally borrow?


A) $17,037
B) $122,609
C) $ 125,000
D) $152,367
E) cannot be determined

Correct Answer:

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