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Business, 07.01.2021 18:30 ineedcoffee

An FHA-insured loan in the amount of $157,500 at 5.5% for 30 years closed on July 17. The first monthly payment is due on September 1. Using a 360-day year and assuming that interest is being paid for the day of closing, what was the amount of the interest adjustment the buyer had to make at the settlement?

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An FHA-insured loan in the amount of $157,500 at 5.5% for 30 years closed on July 17. The first mont...
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