Business, 17.12.2019 20:31 lakaralake11

Suppose that you have decided to purchase a house for $400,000 using an adjustable-rate mortgage with the terms provided below.

loan-to-value ratio: 90% index rate: one-year treasury yield (currently 3.00%) margin: 250 basis points amortization: 15 years with monthly payments and compounding annual cap: 1.5 percentage points lifetime cap: 5 percentage points adjustment period: annually teaser rate 2.50%

what is the monthly payment during the first year of the loan?

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