George has obtained a $141,000 5/1 30-year ARM at 5%. During the first 3
years, he has an option of paying interest only. If he were to accept this offer,
what would his initial payment be?

it has changed from the width and the height.

step-by-step explanation:

$3720

step-by-step explanation:

taxable income = $31000

as per the 2018-2019 us tax bracket, the tax rate is 12% for an individual whose taxable income is between $9,526 to $38,700.

so, the tax to be paid by him = 12% of 31000

= 0.12 * 31000     [12% converted to decimal as 0.12]

= $3720

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